The invention relates to a circulating fluidized bed boiler for burning low-heat-value high-ash fuel. The circulating fluidized bed boiler comprises a hearth, a primary air chamber, a cyclone separator, a dipleg, a material returning valve, a slag discharging pipe, a gas-solid heat exchanging bed and a tail flue. The tail flue is internally provided with a superheater, an economizer and an air preheater. The gas-solid heat exchanging bed is connected with the dipleg through an ash discharging pipe. A part of high-temperature returning ash in the dipleg enters into the gas-solid heat exchangingbed. The gas-solid heat exchanging bed comprises a heat exchanging bed air chamber, a heat exchanging bed air cap, a heat exchanging bed heat exchanging chamber, a heat exchanging bed gas-solid separation device and a heat exchanging bed slag discharging pipe. A gas outlet in the top of the heat exchanging bed gas-solid separation device is connected with the primary air chamber of the boiler through a gas pipeline. The heat exchanging bed air chamber is connected with the air preheater through the gas pipeline. According to the circulating fluidized bed boiler, on the one hand, partial ash cooling and slag discharging are realized by utilizing the gas-solid heat exchanging bed, the ash slag heat is fully recovered, the heat loss of slag discharging is reduced, and the heat efficiency ofthe boiler is improved; and on the other hand, primary air temperature can be greatly improved, and stable burning of the low-heat-value high-ash fuel is facilitated.