The invention belongs to the field of high-speed wire rod production in the ferrous metallurgical industry, and relates to a high-speed wire rod production system with a reducing and sizing unit and a method. The system comprises a blank heating device, a roughing mill unit, a roughing mill unit rear flying shear, an intermediate mill unit, an intermediate mill unit rear flying shear, a pre-finishing mill unit, a loop between pre-finishing mill units, a pre-finishing mill unit rear flying shear, a finishing mill unit front loop, a finishing mill unit, a finishing mill unit rear water tank, a reducing mill unit front flying shear device, a pinch roll, a cut-off shear, a reducing and sizing mill or a reducing mill, a reducing and sizing unit rear water tank, a silking machine front pinch roll, a silking machine, an air cooling line and a collecting device. According to the method, the size control precision of the free section between the reducing and sizing unit and the finishing mill unit is improved, the size out-of-tolerance of the head and the tail is reduced, the size cleaning performance of a final product is improved, the yield is increased, the accident occurrence probability of the area is reduced, the fault processing time in the production process is shortened, the rolling mill operation rate is increased, and the income is increased.