The invention discloses a selective absorption-compression composite heat pump circulating device and method based on a chemical reaction. The device is mainly composed of an exothermic reactor, a heat absorption reactor, an absorber, a generator, a compressor, a Roots blower, a solution heat exchanger and the like. According to the device, a gas cycle working medium is used for synthetic reactionin the exothermic reactor to heat heating medium water, and a synthetic reactant is used for decomposition reaction in the heat absorption reactor to absorb low-grade heat energy; and mixed gas generated by decomposition is subjected to primary pressure boosting through the Roots blower and then separated through absorption, selective absorption gas is subjected to secondary pressure boosting through thermal compression, and absorbed residual gas leaves from the upper part of the absorber, enters the compressor to increase pressure and enters the reactor to form circulation. According to thedevice and the method, compression is carried out to required working pressure after selective absorption, electric compression and thermal compression are combined for use, the main driving energy islow-grade heat energy driving, and the primary energy utilization rate of the system is improved.