The invention discloses an integrated desulfuration and denitration method for wet oxidation of flue gas. The method comprises the steps that the flue gas containing SO2 and NOX are supplied to an acid ferric iron solution or a ferric iron and ferrous iron mixed solution; NOX and sulfur dioxide are absorbed at 0-100 DEG C; a mixed solution consisting of puce nitroso ferrite, sulfate and a little nitric acid and nitrous acid is generated; then desulfuration and denitration treatment on the flue gas is achieved; the mixed solution is supplied to an oxidant for oxidation desorption treatment, so that nitrogen dioxide is released and dissolved in an aqueous solution, an ammonia aqueous solution, a potassium hydroxide solution or a sodium hydroxide solution; nitric acid, ammonium nitrate, potassium nitrate, sodium nitrate, and the like are generated; and then resource utilization is achieved.