The invention relates to a low-temperature distillation and liquefying separation recovery system and method for coal bed gas high in nitrogen content, oxygen content and hydrogen content. The low-temperature distillation and liquefying separation recovery system is provided with a cold box, a heavy hydrocarbon separation tank, a rectifying tower, an LCPM storage tank, a refrigerant compressor, a cooler, a final-stage gas-liquid separator, a flash gas compressor and a flash gas cooler. The low-temperature distillation and liquefying separation recovery method of the coal bed gas high in nitrogen content, oxygen content and hydrogen content comprises the steps that heavy hydrocarbon separation and liquefaction are conducted on feedstock gas after the feedstock gas is pre-cooled through a pre-cooling section of the cold box; the liquefied feedstock gas enters the rectifying tower for nitrogen removal, oxygen removal and hydrogen removal, and then the liquefied feedstock gas returns into the cold box to be further cooled and then enters the LCPM storage tank; after the gas mixed with refrigerants is compressed and cooled by two stages, the liquid-phase refrigerant separated by the final-stage gas-liquid separator is used for providing cold energy for the pre-cooling section of the cold box; the gaseous-phase refrigerant obtained after separation is used for providing cold energy for the liquefying section and the supercooling section of the cold box; purge gas is heated and then completely exhausted; and flash gas is pressurized and returns to the liquefying section of the cold box to be liquefied again after heat exchange is conducted between the flash gas and the liquid-phase refrigerant. By the adoption of the low-temperature distillation and liquefying separation recovery system and method, the recovery rate of methane can be increased, so that the processing capacity of a device is improved, the energy consumption of the system is reduced, and the production cost is reduced.