The invention provides a recovery method for silicon carbide and polyethyleneglycol cutting fluids, which comprises the following steps: mixing waste cutting mortar for silicon wafer and water and performing second-stage solid and liquid separation, diluting first-stage solid particles with water, then performing second-stage solid and liquid separation, reusing the second-stage suspension liquid for mixing, performing first-stage water wash on the second stage solid particles, then performing third-stage centrifugal separation, reusing the third-stage centrifugal separation liquid for dilution, performing second-stage water wash on the third-stage centrifugal solid particles, then performing fourth-stage centrifugal separation, reusing the fourth-stage centrifugal liquid for first-stage water wash, drying and screening the fourth-stage centrifugal solid particles to obtain silicon carbide, performing filtration, decoloration and resin exchange on the first-stage suspension liquid, and performing reduced pressure distillation and thin film evaporation in sequence to acquire the polyethyleneglycol cutting fluid, the reduced pressure distillation water and the thin film evaporation water, wherein the reduced pressure distillation water is used for the second-stage water wash, and the thin film evaporation water is used for the first-stage water wash. The recovery method remarkably reduces the pollution degree of the sewage, and is beneficial to environment protection.