The invention relates to a novel two-wheeled high-pressure dewatering air circulation refrigerating system and a refrigerating method and belongs to the technical field of airplane environment control. The novel two-wheeled high-pressure dewatering air circulation refrigerating system is characterized in that a fan (3) and a turbine (8) are located at the two ends of a rotating shaft; engine bleed air serves as supplying air (1) and sequentially passes through the hot side of a primary heat exchanger (2) and the hot side of a secondary heat exchanger (4) and then passes through an evaporation end (11) of a heat pipe exchanger (9) for being connected with an inlet of a water separator (7), a gas outlet of the water separator (7) is connected with an inlet of the turbine (8), and an outlet of the turbine (8) leads to a cockpit and an equipment compartment through a condensation end (10); heat exchanging is conducted between the condensation end (10) and the evaporation end (11), a segregation water outlet of the water separator (7) is lead to a cold side inlet of the secondary heat exchanger (4), and ram air (5) flowing through the cold side of primary heat exchanger (2) and the cold side of the secondary heat exchanger (4) is supplied with suction force by the fan (3). According to the novel two-wheeled high-pressure dewatering air circulation refrigerating system and the refrigerating method, the performance is good, parts are easy to match and flexible in adjusting.