The invention discloses a novel circulating fluidized bed combined cycle comprising a gas turbine device, a circulating fluidized bed boiler, a steam turbine device, a piping system and a bypass chimney connected with gas turbine exhaust gas and boiler first and secondary wind systems, an air piping system connected with a gas compressor intermediate-grade gas suction port and a boiler high-pressure tuyere, and a flue gas waste heat recovery oxygen-removing heating system; a tail end smoke flue of the circulating fluidized bed boiler is communicated with atmospheric air through a dust collector and a chimney, a high-temperature superheater and a high-temperature reheater of the circulating fluidized bed are respectively communicated with a high-pressure steam turbine and an intermediate-pressure steam turbine, the intermediate-pressure steam turbine is communicated with a low-pressure steam turbine, and an exhaust gas condensate of the low-pressure steam turbine is communicated with a coal economizer through a condensate water pump, low-pressure heaters, a deaerator, a pre-feawater pump, a water-feeding pump and high-pressure heaters. The combined cycle has the advantages of high thermal efficiency, less NOx emission, short starting time, low fuel consumption and station service power consumption rate, less auxiliary equipment, and remarkable energy-saving and emission-reduction effects.