The invention discloses single-dip pipe silicon iron bath vacuum circulated magnesium-smelting device and method. The device comprises an induction furnace (101), a vacuum reaction chamber (104), a single dip pipe (102) and an argon blowing pipe (110) with a side wall communicated with guided flows; and besides, the device also comprises a magnesium steam condenser (206), a magnesium liquid spray thrower (210), a magnesium liquid storer (202) and magnesium mining powder conveying and spraying devices (111)-(115), wherein the magnesium steam condenser (206), the magnesium liquid spray thrower (210) and the magnesium liquid storer (202) are communicated. The method comprises the following steps of: preparing silicon iron liquid with the silicon content of 30%-65% and the temperature of 1,350-1,600 DEG C, making the mixtures of the silicon iron liquid and magnesium mining powder blown into the silicon iron liquid annularly flow between a vacuum reaction device and the induction furnace at the vacuum degree of 350 Pa-10,000 Pa for reaction to generate magnesium steam, carrying out condensation and magnesium liquid spraying to the magnesium steam to generate magnesium liquid, making the magnesium liquid flow into a storing device, and then pouring magnesium ingots. The device has the advantages of energy saving, low consumption, high productivity and the like.