The invention discloses a tower type solar energy circulating heat power generating system. A heliostat system is adopted to realize real-time tracking on sun, the sunlight is reflected to a heat pump arranged at a high tower, the heat pump absorbs high heat flow density radiation energy reflected by the heliostat system, the high heat flow density radiation energy is converted into high temperature heat energy of working fluid, a solar energy collecting device is utilized to convert and store solar heat energy into heat transmission molten salt medium, excess heat is stored in a high temperature heat storage tank in the day, the high temperature molten salt medium is utilized in the night or at the time without sun to heat water in a steam generator, so as to generate steam, and the steam is utilized to drive a gas turbine generator set to generate electricity; and cooling water is taken as a low temperature source, low temperature working medium is expanded in a gas turbine and gas after work done is condensed into gas-liquid mixture by a condenser, a three-level axial-flow compressor compresses the gas-liquid mixture into liquid, the liquid is returned to the steam generator, and backheating, reheating and inter-cooling circulation is adopted, thus completing one cycle. The system of the invention has the characteristics of reasonable structural design, wide application range and no carbon.