The invention discloses a reuse treatment system for cold rolling wastewater ion exchange concentrated brine and a treatment method. The system comprises a precision filter, a raw-water box, a low-temperature distillation device, a water producing box, a product water conveying pump and a cooling crystallization pool, the precision filter receives and guides the ion exchange concentrated brine tobe treated, an outlet of the precision filter is connected with the raw-water box, an outlet of the raw-water box is connected with the low-temperature distillation device, and the raw-water box is also connected with a NaOH adding pipeline; the low-temperature distillation device is a negative pressure environment, the outlet of the low-temperature distillation device is connected with the waterproducing box, and treated reusable water is output from the water producing box through the product water conveying pump and conveyed to an industrial water pipe net; and an outlet of a material outlet pump of the low-temperature distillation device is connected with the cooling crystallization pool. According to the invention, the treatment effects are stable, the evaporation speed is high, theconcentration specific gravity is large, the system is salting-out resistant and anti-scaling, and prevents coking, pollutants such as organic matter, SS, and saline matter in wastewater can be removed through crystallization, and zero discharge of the concentrated brine is realized; and costs are low, the degree of automation is high, and operation is simple and convenient.