The invention provides a semiconductor supercooling refrigeration cycle system and refrigeration equipment. The semiconductor supercooling refrigeration cycle system is characterized by comprising a compressor, a condenser, a first capillary tube, a gas-liquid separator, an evaporator, an air return pipe and a semiconductor refrigeration module; an outlet of the compressor is connected with an inlet of the condenser, the first capillary tube is connected between an outlet of the condenser and an inlet of the gas-liquid separator, a saturated liquid outlet of the gas-liquid separator is connected with an inlet of the evaporator, and a gas outlet of the gas-liquid separator and an outlet of the evaporator are both connected with an inlet of the compressor through the air return pipe; and the first capillary tube is connected with the cold end of the semiconductor refrigeration module. By the adoption of the semiconductor supercooling refrigeration cycle system and the refrigeration equipment, the supercooling degree of the semiconductor supercooling refrigeration cycle system is increased, and thus the refrigeration capacity and the refrigeration efficiency are improved.