The invention discloses a method for regulating and controlling circulating flue-gas temperature and oxygen content. A thermometer, a flowmeter, a pressure meter and an oxygen amount analysis meter are arranged on a pipeline (14) for connecting sintering machine air boxes (6) and a large flue and a circular cooler hot exhaust gas circulating pipeline (24) and used for monitoring the temperature, flows, pressure and the oxygen content of smoke of the sintering machine air boxes and hot exhaust gas of a circular cooler and calculating the smoke of the air boxes and standard flows of the hot exhaust gas of the circular cooler. According to the requirement for the temperature of the smoke discharged by an electric dust remover of the large flue, the sintering machine air boxes for smoke exhausting are allocated. A regulating valve (23) installed on the circular cooler hot exhaust gas circulating pipeline is utilized to regulate the hot exhaust gas flows of the circular cooler so as to regulate and control the circulating flue-gas temperature and the oxygen content. The circulating flue-gas temperature and the oxygen content are actually measured through the thermometer and the oxygen amount analysis meter arranged on a connecting pipeline (6) between a sintering machine fan housing (5) and a mixer (17), the hot exhaust gas flows of the circular cooler are corrected, and accordingly the circulating flue-gas temperature and the oxygen content are accurately controlled.