The invention belongs to the technical field of oilfield underground construction operations and particularly relates to a fishable bridge plug releasing mechanism and a releasing and fishing method thereof. The mechanism is an important underground tool for separate layer fracturing, testing and production of oil and gas wells. According to the fishable bridge plug releasing mechanism and the releasing and fishing method thereof, with the adoption of the reasonable structure, under the condition of setting of a bridge plug, releasing of a packer and anchoring relieving of slips are completed through continuous lifting and lowering, reliable setting and releasing of the bridge plug are realized, the setting and releasing reliability of the bridge plug is improved, and problems of unreliable setting and releasing of partial bridge plugs in the prior art are solved.