An internal combustion engine waste heat utilization system comprises a cooling medium, a cooling medium storage tank (9), a cooling medium delivery pipe (8), a circulation pump (7), a high-pressure pipeline (15), energy storage tanks (14, 12), steam turbines (13,11) and a radiator (10). The cooling medium forms high-temperature and high-pressure gas by absorbing waste heat of an internal combustion engine and exhaust gas, so as to drive the steam turbines to do work and convert thermal energy into kinetic energy.