Mining industry, especially coal-mining industry, is faced with many safety problems in China such as the lack of coordination between the mining enterprises and the safety administration, decision-making of production and safety investment and so on. In order to reduce costs and maximize profits, many mining enterprises are gaming in safety investment under the mining safety supervision although relative supervision provisions are strict, which results in frequent occurrence of mine accidents. In order to find out the causes that are behind the economic motivation, based on utility function with two variables, technology and cost, from a game perspective, a safety investment analysis for decision makers in coal-mining enterprises is made in this article by focusing on the technological level and production cost and presenting the gaming process during deciding safety investment among these enterprises. The result is that there is no enough incentive in short term for mining enterprises to make safety investment under the condition of low technological level and high cost in China. Therefore, it is necessary to enhance safety awareness, strengthen supervision and improve safety status during mining, which is also helpful for all mining enterprises and sustainable development.