The utility model provides a circulating power generation system. The circulating power generation system comprises a heat exchange device, a heat storage device and a circulating power generation device, the evaporation device is connected with the heat exchange device and is used for at least partially evaporating the heat exchange working medium which is subjected to heat exchange and is in a liquid state into working medium steam; the expansion machine generator set is connected with the evaporation device and used for generating power through working medium steam; and the condensing device is connected with the expansion machine generator set and used for condensing the working medium steam after power generation into a liquid heat exchange working medium. According to the circulatingpower generation system, the low-boiling-point heat exchange working medium is adopted to directly exchange heat with the heat source; power generation efficiency reduction caused by temperature level reduction in the indirect heat exchange process is avoided, meanwhile, the heat exchange working medium obtained after heat exchange reaches the evaporation device in a liquid state, on-way resistance is reduced, the inlet pressure of the expansion machine generator set is improved, and the power generation efficiency can also be improved.