The invention belongs to the field of exploration and development of natural gas resources and discloses a system and method for collaborative development of natural gas, water-soluble gas and a natural gas hydrate. The system comprises a first production well assembly, a second production well assembly, a gas and water separating device, a high-pressure pump set and a gas collecting tank. A double-barrel collaborative development mode is adopted, the economic benefits of free natural gas are used for complementing the low exploitation benefits of a water-soluble gas reservoir, the natural gas hydrate is subjected to heated development through produced high-temperature stratum water, and the excessive produced water is injected into the water-soluble gas reservoir again to maintain the stratum pressure of the water-soluble gas reservoir. The method is feasible economically, natural gas resources can be fully utilized, and the situation that in traditional deep well type exploitation, a single mode is adopted, and gas resources are wasted can be avoided.