The invention relates to a papermaking machine circulating lubricating oil system, in particular to a safe and efficient papermaking lubricating oil circulating system. A system body comprises a lubricating oil box, a lubricating oil pump and a lubricating oil pipeline; an outlet pipe and an inlet pipe are each provided with at least two filtering bags in a parallel connection manner; the lubricating oil box comprises an oil adding hole and a man hole; a fixing hole is further formed in one side of the oil adding hole; a short pipe is welded to the fixing hole; a breathing bag is arranged in the lubricating oil box; water absorbing felt is arranged at the bottom of the lubricating oil box; a water content detection probe is installed on the middle portion of the water absorbing felt; electric contact pressure meters are arranged on the tops of the filtering bags installed on the inlet pipe and the outlet pipe; the water content detection probe and the electric contact pressure meters are electrically connected with a display alarming device outside the lubricating oil box through wires. By means of the system, the service life of lubricating oil can be prolonged by two times or more, and the maintaining period of an equipment lubricating system is doubled or prolonged more.