The invention provides a device for recovering and utilizing drilling kinetic energy of a petroleum drilling machine. A drill bit is fixedly connected with a drilling tool; a drilling machine winch barrel is connected with a crown block and a traveling block by virtue of steel wire ropes; a large hook is suspended under the traveling block; the large hook is used for hanging the drill tool by virtue of a lifting ring and a lifting sub; a gearbox is connected to the shaft end of the drilling machine winch barrel by virtue of a clutch; the gearbox is connected with a compressor by virtue of a coupling; the exhaust port of the compressor is communicated with a high-pressure air storage tank by virtue of an adjustable restrictive valve; air discharged by the compressor is stored in the high-pressure air storage tank; the high-pressure air storage tank is connected in parallel with an electric compressor of the original air source device of the petroleum drilling machine by virtue of a pressure regulating valve and a one-way valve; after compressed air in the high-pressure air storage tank is decompressed appropriately by the pressure regulating valve, the compressed air is purified by the original air purification system of the drilling machine and then stored in the original low-pressure air storage tank of the drilling machine so as to provide air source for a pneumatic control system and a pneumatic control auxiliary system of the drilling machine. A pressure relay is arranged on the low-pressure air storage tank and used for controlling on and off of the original electric compressor of the drilling machine.