Abstract We study the spectral evolution of the black hole candidate EXO 1846−031 during its 2019 outburst, in the 1–150 keV band, with the Hard X-ray Modulation Telescope. The continuum spectrum is well modeled with an absorbed disk-blackbody plus cutoff power law, in the hard, intermediate, and soft states. In addition, we detect an ≈6.6 keV Fe emission line in the hard intermediate state. Throughout the soft intermediate and soft states, the fitted inner disk radius remains almost constant; we suggest that it has settled at the innermost stable circular orbit (ISCO). However, in the hard and hard intermediate states, the apparent inner radius was unphysically small (smaller than the ISCO), even after accounting for the Compton scattering of some of the disk photons by the corona in the fit. We argue that this is the result of a high hardening factor, f _col ≈ 2.0–2.7, in the early phases of the outburst evolution, well above the canonical value of 1.7 suitable for a steady disk. We suggest that the inner disk radius was already close to the ISCO in the low/hard state. Furthermore, we propose that this high value of the hardening factor in the relatively hard state was probably caused by the additional illuminating of the coronal irradiation onto the disk. Additionally, we estimate the spin parameter using the continuum-fitting method, over a range of plausible black hole masses and distances. We compare our results with the spin measured using the reflection-fitting method and find that the inconsistency of the two results is partly caused by different choices of f _col.