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The present invention relates to a water-saving and energy-saving hydrogen production system and method. A hydrogen separator and a hydrogen scrubber are sequentially connected to the hydrogen outlet of an electrolytic cell, and are respectively used for gas-liquid separation and cooling purification of hydrogen; the low-temperature passage of a hydrogen heat exchanger is connected to the hydrogen outlet of the hydrogen scrubber and the hydrogen inlet of a deoxygenation tower, and the high-temperature passage of the hydrogen heat exchanger is connected to the hydrogen outlet of the deoxygenation tower and the hydrogen inlet of a hydrogen cooler; the deoxygenation tower conducts a catalytic reaction on the oxygen mixed in hydrogen to generate water; the hydrogen cooler cools the deoxygenated hydrogen after heat exchange and realizes moisture condensation; a gas-water separator is connected to the hydrogen outlet of the hydrogen cooler to remove the liquid water in hydrogen; a drying tower is connected to the hydrogen outlet of the gas-water separator for drying hydrogen; an electrolyte heat exchange module is used for the electrolyte flowing out of the hydrogen separator to exchange heat with an external system and then flow back into the electrolytic cell. The present invention significantly reduces the energy consumption and water consumption of the hydrogen production system, improves the energy utilization rate and the adaptability in water-scarce areas, and improves the economy of green hydrogen.