Provided is a process for recovering CO2-containing exhaust gas to prepare an oil product and a combustion gas, which comprises the following steps: (1) mixing the CO2-containing exhaust gas with an alkaline solution to obtain a mixed solution 1; (2) mixing the mixed solution 1 with an acid to obtain a mixed solution 2; (3) culturing a mixed carbon-eating flora; (4) uniformly mixing the mixed carbon-eating flora with the mixed solution 2, and performing static culture to obtain a culture product; (5) after mixing the culture product with NH4 + ion gas, heating and pressurizing same for ageing so as to obtain a crude oil. The process has CO2-containing exhaust gas as a raw material, is low in cost and environmentally friendly, and can change greenhouse gas CO2 into a valuable material, producing a clean energy with a low sulphur content.