The invention discloses a traveling-wave regenerative-feedback oscillation system, belonging to the technical field of vacuum electrons. The oscillation system consists of noise, an electronic gun, an electron beam converging module, an isolator, a slow-wave circuit, a coupler, an attenuator, a phase shifter and a radio-frequency output module. Electron beams generated by the electronic gun are converged, and then acts mutually with the noise passing through the slow-wave circuit; amplified signals are output by the coupling end of the coupler and pass through the attenuator and the phase shifter, and the signals with the amplitude and the phase changed by the attenuator and the phase shifter act mutually with the noise and the electron beams again; and circulating so, the signals can pass through the coupler and are outputted by the radio-frequency output module, so that required radio-frequency signals are generated. The traveling-wave regenerative-feedback oscillation system disclosed by the invention overcomes the defects of difficult adjustment and instability of the output frequency in the prior art, has the advantages of high power and efficiency, low cost, small size, easy processing and implementation and the like, and has obvious advantages from submillimeter waves to the terahertz frequency band.