The invention discloses a vertical sintering waste heat drive cooling heating and power generation system and a method thereof. The system comprises a vertical sinter cooling device, a waste heat boiler power and steam generation system, a double effect LiBr absorption chiller and a coolant cooling water client system. The method includes after the vertical sinter cooling device recovers heat of high-temperature sinter, allowing water to produce high temperature and high pressure steam through a heating boiler, driving a turbine to generate power, supplying hot steam extracted from the middle level of the turbine to the double effect LiBr absorption chiller, producing coolant water of the temperature of 7 to 10 DEG C to supply to cool users, and mixing the steam of the tail end of the turbine with room temperature supplement water to form hot water of the temperature of 75 to 90 DEG C to supply to heat users. Heat recovered through the vertical sinter cooling device can be used for power generation and concentrated heating and cooling, the comprehensive recovery and utilization efficiency of solid grain waste heat resource is improved effectively, the system and method can be popularized and applied to the metallurgical industry, particularly the steel industry, and energy saving and emission reduction are promoted effectively.