The invention discloses an air cooling system for a speed increaser and a power generator. The air cooling system comprises the speed increaser and the power generator and further comprises a bracket, a first suction blower and a second suction blower, wherein the first suction blower is mounted on the bracket; the first suction blower is connected to a cooling inlet of the power generator through a pipeline; a cooling outlet of the power generator is connected to a cooling inlet of the speed increaser through a pipeline; a cooling outlet of the speed increaser is connected to the second suction blower through a pipeline; a water drenching device is arranged at the front side of the first suction blower. According to the air cooling system for the speed increaser and the power generator, disclosed by the invention, condensed iced water is conveyed to the first suction blower, the first suction blower is atomized through inner-side fiber cloth, and then, cold air is introduced to the inner side of the speed increaser and the inner side of the power generator, so that cooling can be carried out efficiently; meanwhile, the participation of a water cooling water pump and a hydraulic pump is avoided, the cost is reduced, and the possibility that water flow is in direct contact with the speed increaser and the power generator is avoided; the safety is improved.