The rational mining speed of a working face is considered a prerequisite for safe and stable production in mines. Mining subsidence is regarded as a correlating parameter between mining speed and coal bump disaster. To clarify the relationship among the mining speed of the working face, subsidence parameters, and coal bump behavior, the 11302 working face of Hongqingliang coal mine in Inner Mongolia was taken as the engineering background. The surface subsidence patterns during the entire mining period were measured and analyzed, and the dynamic parameters of surface movement were determined. The functional relationships between the mining speed and subsidence parameters, as well as between subsidence parameters and microseismic events were analyzed. With the reduction of microseismic events as the criterion, the rational mining speed of the working face based on different surface subsidence parameters was obtained. The results indicate that the maximum subsidence along the strike and dip directions of the working face are 2 460 mm and 2 073 mm, respectively, with a subsidence factor of 0.47. The advance influence range and average subsidence velocity are found to decrease with increasing mining speed, while the advance influence angle increases with mining speed, with fitting coefficients exceeding 0.65. The total number of microseismic events and the average daily number of microseismic events during adjacent observation periods decreases, decreases, and increases, respectively, with the increase of these three subsidence parameters. The critical conditions for the transition from overall low microseismic events to rapid increase are identified as an advance influence angle of 60.6°, an advance influence range of 253 m, an average subsidence velocity of 3.41 mm/m, and a daily average subsidence velocity of 26.4 mm/d. When the mining speed of the working face is below 7.30 m/d, the behavior of mine microseismic events under different subsidence parameters is relatively weak, which was beneficial for reducing the risk of coal bump disasters. The research results provide a theoretical basis for the coal bump prevention method of working face mining speed under surface subsidence observation.