The invention relates to an octagonal abrasive paper folding and binding system which comprises a paper feeding mechanism, a folding mechanism and a binding mechanism. The paper feeding mechanism comprises at least one cylindrical tool plate and a conveying unit used for driving the tool plates to sequentially move along a preset horizontal paper feeding channel. The folding mechanism comprises eight folding hands which are sequentially arranged near the paper feeding channel in the paper feeding direction. The binding mechanism is arranged above the paper feeding channel. Clamping grooves corresponding to folding lines of abrasive blades are arranged on the tool plate and matched with the folding hands. One finger of each folding hand can be inserted into the corresponding clamping groove, the other finger of each folding hand is located above abrasive paper, the two fingers are cooperated to drive the abrasive blades to be overturned and folded, the folded abrasive blades are bound through the binding mechanism above the tool plate, and integrated automation operation of folding and binding of abrasive paper can be achieved. Each folding hand achieves folding operation of one abrasive blade, accordingly, streamlined work of folding operation of the eight abrasive blades of one piece of abrasive paper is achieved, and working efficiency is effectively improved.