The invention discloses an underground flood damage emergency water draining rescue system and method and belongs to the field of mine water seepage emergency water draining. The specific scheme is that the existing water supply pipe, the existing pressure ventilation pipe and the existing drain pipe are utilized, and upstream valves and three-way devices with valves are installed on the water supply pipe and the pressure ventilation pipe. The water drain valve end is closed under the normal condition to enable the original water supply and pressure ventilation functions to be achieved. Under the emergency condition, the upstream valves in the water supply and pressure ventilation directions are closed, the three-way devices with the valves are opened, so that the water supply pipe and the pressure ventilation pipe can serve as temporary drain pipes, two more drain pipes are obtained, and the draining amount of 300m<3>/h can be increased according to the capacity of 150m<3>/h of each drain pipe. The system and method can basically prevent or reduce major water burst accidents and win precious time for handling of the water burst accidents.