The present disclosure provides a system and a method for utilizing corn cobs to jointly produce a premium xylose and a high-end caramel pigment. The system includes a xylose preparation subsystem, an enzymatic hydrolysis subsystem, and a caramel pigment preparation subsystem that are connected to each other through pipelines. The xylose preparation subsystem includes a raw material tank, a pretreatment tank, an acid hydrolysis kettle, a plate and frame filter press device, a filtrate neutralization tank, a nanofiltration membrane separator, an electrodialysis separator, an evaporation concentration tank, a crystallization tank, a centrifugal separator, and a dryer that are connected in sequence through pipelines. The enzymatic hydrolysis subsystem includes a filter residue neutralization tank and an enzymatic hydrolysis reaction kettle connected through pipelines. The caramel pigment preparation subsystem includes a sugar liquid mixing tank, a browning reaction kettle, a flash tank, an ultrafiltration membrane separator, and a wiped film evaporator.