The utility model provides a dust removing and waste heat recycling power generating system for industrial flue gas. The dust removing and waste heat recycling power generating system comprises the waste flue gas, an induced draft fan, a dust remover, a heat exchanger, a water supply device, a vapor generating set and the other relevant connecting devices. The waste flue gas enters an inlet of the dust remover through the induced draft fan, the water flue gas generated after dust removal is connected with a smoke inlet of the heat exchanger through a pipeline from an outlet of the dust remover, meanwhile, the water supply device is arranged on an inlet of the heat exchanger to supply water, the water can be transformed into saturated vapor through the high temperature of the smoke passing through the heat exchanger, an saturated vapor outlet of the heat exchanger is connected to the saturated vapor generating set through a pipeline, and therefore power generation is completed. A smoke outlet of the heat exchanger is connected with a chimney, and the smoke generated after dedusting and cooling is exhausted. Based on the technology, the flue waste gas which is originally high in temperature and has much dust can be changed into the smoke which is low in temperature, has little dust and can be exhausted, environment is protected, the waste heat of the environment can be fully utilized for generating power, and economic benefits are generated.