A coolant recycling system for efficiently recycling contaminated machine tool coolant thereby extending the useful life of the coolant. The coolant recycling system includes a support frame, a first tank for receiving contaminated coolant, a second tank for receiving a volume of water and coolant concentrate, and a third tank for treating and cleaning the contaminated coolant. A skimmer apparatus is positioned within the third tank for removing the upper level of contaminants from the coolant for filtering separately from the significant volume of coolant within the third tank. An ozone applicator applies a specific volume of ozone to the coolant during the mixing of the coolant within the third tank which kills mold, yeast, fungus and bacteria while also changing the physical state of dissolved solids for increasing the ability to remove the contaminants from the coolant and micro air bubbles float contaminants to the surface to be skimmed.