The invention relates to a tension compression type self-reset and anti-buckling energy dissipation bracing. The tension compression type self-reset and anti-buckling energy dissipation bracing comprises a hinged supporting seat, a connecting plate, a memory alloy bar, an anti-buckling steel sleeve and a steel plate rubber supporting seat. The memory alloy bar is arranged in the anti-buckling steel sleeve, one end of the memory alloy bar is connected with the connecting plate, the other end of the memory alloy bar is a movable end, and the movable end is subjected to the tensile limit of the anti-buckling steel sleeve. The end of the anti-buckling steel sleeve is connected with the connecting plate by the steel plate rubber supporting seat, and subjected to the extrusion limit of the connecting plate. The hinged supporting seat is hinged to the connecting plate. The tension compression type self-reset and anti-buckling energy dissipation bracing combines the self-reset characteristic of the large diameter shape memory alloy bar under large deformation at the time of pulling, the self-reset characteristic of the steel plate rubber supporting seat under large deformation when pressed, and the anti-buckling performance of a restrained steel tube unit located at the outer portion of the anti-buckling bracing to form the novel anti-buckling bracing which has good self-reset performance and energy dissipation characteristic when pulled and pressed.