A thermoelectric power generation type high-temperature drilling fluid cooling and circulating system comprises a refrigerating unit, a refrigerating unit pump, a first valve, a second valve, a cooling fluid loading box, a cooling fluid delivering pump, a heat exchanger, a steam-turbine generator, an electricity storage box, electric equipment, a condenser, a well, a drilling fluid pond, a first drilling fluid delivering pump and a second drilling fluid delivering pump; the first drilling fluid delivering pump is positioned between the well and the drilling fluid pond, and pumps the high-temperature drilling fluid upwards returning from the well to the drilling fluid pond; and the second drilling fluid delivering pump is positioned between the drilling fluid pond and the heat exchanger, and delivers the high-temperature drilling fluid to the heat exchanger. By the heat exchanger, the high-temperature drilling fluid and the cooling fluid are subjected to heat exchange, the exchanged cooling fluid becomes high-temperature and high-pressure gas which enters the steam-turbine generator to drive the generator to generate power, and the generated electric energy is stored in the electricity storage box and supplies power for the electric equipment. After the high-temperature drilling fluid becomes low-temperature drilling fluid by exchange through the heat exchanger, the low-temperature drilling fluid enters the well through a sixth pipeline.