The invention discloses a method and system for producing cyclohexanone with phenol. The method is characterized by comprising the following steps that the raw material phenol is heated through a phenol preheater and then sent to a phenol vaporizer, mixed gas of the phenol and decarburized hydrogen is sent to a raw material superheater and sent to a hydrogenation reactor after superheating is conducted, in the hydrogenation reactor, hydrogen is added to the phenol to generate the cyclohexanone, a hydrogenation reaction product is sent to a hydrogenation reactor heat recovery heat exchanger for heat recovery and then sent to a dehydrogenation tower, hydrogen which does not react is separated, and a crude cyclohexanone product is obtained at the bottom of the dehydrogenation tower. The system comprises the phenol preheater, the phenol vaporizer, the raw material superheater, a hydrogen preheater, a hydrogen heater, the hydrogenation reactor, the hydrogenation reactor heat recovery heat exchanger, a decarburization reactor and the dehydrogenation tower. The system and method have the advantages that high-efficiency and high-selectivity hydrogenation preparation of the cyclohexanone with the phenol is achieved, the technological process is simple, and the product cyclohexanone is high in yield.