The invention provides a circulating cooling system and a circulating cooling method. The circulating cooling system comprises a water tank, a cooling machine, a working pump, a return flow pump and a water blanket, wherein the water blanket is manufactured by wrapping an internal soft pipe by using an outer layer fabric; the water outlet of the water tank passes through the cooling machine and the working pump and is subsequently connected with one end of the water blanket; and the other end of the water blanket is connected with the water inlet of the water tank through the return flow pump. The flow and the flow velocity of the water in the system can be controlled by adopting the mode of adjusting the pressure of the working pump and the return flow pump, and the adjustable cooling temperature is realized by adopting the mode of adjusting the outtake water temperature of the cooling machine, so that the negative influence that the cooling temperature is too low or the cooling temperature is not adequate is avoided, the quality of a product is improved, simultaneously the production period of the product is shortened, and thus the system is conductive to reducing the production cost.