The invention provides a blast furnace slag overall treatment and sensible heat recovery power generation system and method, and belongs to the technical field of ferrous metallurgy furnace slag treatment and surplus energy recovery. The system comprises a slag receiving device, a limestone feeding device, a furnace slag overall treatment device, a slag charge cooling device, a cold slag charge circulating unit, a waste heat recovery power generation device and a waste gas purification treatment device. The special furnace slag overall treatment device is used for tempering and modifying blast furnace slag, the blast furnace slag is broken into blocky slag charge, the blocky slag charge is cooled through a grate cooler, hot waste gas is generated and generates superheated steam through a waste heat boiler, and a steam turbine generator unit is pushed to act and generate power. Sensible heat recovery of the blast furnace slag is effectively achieved, and high-temperature waste heat resources of the furnace slag are efficiently and fully recovered on the basis that the following use value of the blast furnace slag is not affected.