The invention discloses a method for re-using time slots in a double-node interconnected protection ring, a system and network elements. The method includes the following steps that: work time slots of a first network element and a second network element are configured as first time slots corresponding to a main use section link; protection time slots of the first network element and the second network element are configured as second time slots corresponding to a multiplex section link, and the first network element and the second network element are set to be in a protection recovery mode; when detecting that a fault occurs on a third network element, the first network element inverses the second time slots along the third network element to the protection time slots in the multiplex section ring and punches through the second network element, and the dual-transmission selective-reception services of the first network element are transmitted along the first time slots; when detecting that a fault occurs on the third network element, the second network element inverses the second time slots along the first network element to the protection time slots in the multiplex section ring, and the dual-transmission selective-reception services of the second network element are transmitted along the first time slot.