The invention relates to a system and a process for continuously producing 2-butene-1,4-diol and co-producing 1,4-butanediol through hydrogenation of 1,4-butynediol. The system comprises a decoloration reaction system, a semi-hydrogenation reaction system, a 2-butene-1,4-diol rectification system, a full-hydrogenation reaction system and a 1,4-butanediol rectification system which are connected sequentially, wherein a 1,4-butynediol raw material tank is connected with the decoloration reaction system through a 1,4-butynediol raw material delivery pump, the decoloration reaction system is connected with the semi-hydrogenation reaction system through a to-be-reacted solution metering pump, the semi-hydrogenation reaction system is connected with the 2-butene-1,4-diol rectification system through a second crude 2-butene-1,4-diol metering pump, the 2-butene-1,4-diol rectification system is connected with the full-hydrogenation reaction system through a 1,4-butanediol full-hydrogenation metering pump, and the full-hydrogenation reaction system is connected with the 1,4-butanediol rectification system through a crude 1,4-butanediol metering pump. The flow is simple, the operation is stable, the operation cost is low, the conversion rate and the selectivity are high, and the impurity separation effect is good.