The invention provides a high-altitude long-span overhung cornice formwork supporting system. The system comprises an overhung I-shaped steel beam, an overhung I-shaped steel beam fixing hoop, an anchoring ring, a steel wire rope inhaul cable, an operating platform, an overhung structure load-bearing frame, an outer protecting scaffold, a cornice supporting formwork and a secondary unloading assembly, wherein a pull ring, a vertical rod inserting-connection positioning part and steel angles are arranged on the overhung I-shaped steel beam, one end E of the overhung I-shaped steel beam is fixed to an architectural structure plane through the overhung I-shaped steel beam fixing hoop, the other end of the overhung I-shaped steel beam is tensioned with the steel wire rope inhaul cable, the secondary unloading assembly comprises an inclined-supporting steel tube and a pre-buried supporting point steel tube, and the secondary unloading assembly is used for performing secondary unloading on a cornice supporting formwork system. A constructing method of the high-altitude long-span overhung cornice formwork supporting system includes the steps of manufacturing the overhung I-shaped steel beam, arranging the pre-buried part, installing the overhung I-shaped steel beam, setting up the operating platform, the overhung structure load-bearing frame, the outer protecting scaffold and the cornice supporting formwork, installing the inclined-supporting steel tube and the like. The high-altitude long-span overhung cornice formwork supporting system is easy to construct and operate and convenient to detach, the construction period is shortened, and cost is saved.