In this paper, we extend the paraxial conical refraction model to the case of the partially coherent light using the unified optical coherence theory. We demonstrate the decomposition of conical refraction correlation functions into well-known conical refraction coherent modes for a Gaussian Schell-model source. Assuming randomness of the electrical field phase of the input beam, we reformulated and significantly simplified the rigorous conical refraction theory. This approach allows us to consider the propagation of light through a conical refraction crystal in exactly the same way as in the classical case of coherent radiation. Having this in hand, we derive analytically the conical refraction intensity both in the focal plane and in the ...