The invention relates to a chip cooling system, which comprises a chip heat conduction plate used for primary heat exchange, and an annular heat pipe used for secondary heat exchange, wherein a plurality of micro-channels are arranged on the chip heat conduction plate side by side, the micro-channels are connected with a circulating pipeline provided with a pump simultaneously to form a circulating loop, and the circulating loop is filled with liquid I; and the annular heat pipe is sleeved in the circulating loop to form a sleeving structure, the annular heat pipe is filled with liquid II and gas, and the pressure intensity of the gas is always less than the atmospheric pressure intensity. The chip cooling system combines the micro-channels with the annular heat pipe to form a two-stage heat exchange system, the micro-channels can provide large radiating heat flux and can absorb heat on the chip timely, the annular heat pipe fully utilizes effects such as phase change and gravity as a driving force, the radiating efficiency is high, and the cost is low; and the heat passes through the circulating loop and the annular heat pipe from the chip and is radiated to the environment, the radiating power is high, and the effect is good.