Provided are a low NOx pulverized coal combustion system and method. The low NOx pulverized coal combustion system is characterized by comprising a burner (1), a powder making and supplying system (13), a boiler body (2), an air preheater (3), a dust remover (4), a main induced draft fan (5), a flue gas circulation fan (6), a primary fan (7), a primary air duct (8), a flue gas return tube (9), an inner primary air duct (10), an outer primary air duct (11) and a chimney (12); and the boiler body (2), the dust remover (4), the main induced draft fan (5) and the chimney (12) are sequentially connected. On the premise of improving the combustion stability and efficiency, a strong reducing area of combustion in a boiler is created effectively, the effective staying time of flue gas in the reducing area is prolonged, a certain turbulence degree of pulverized coal exists in a boiler hearth when in an extremely low excess air coefficient, the burn-off rate of combustion products in the boiler is improved, and NOx generated in the combustion process is restrained and reduced; and meanwhile, part of emitted flue gas is circulated, NOx carried in the flue gas is further reduced, and low NOx flue gas emission of the pulverized coal combustion system with high-efficiency combustion is achieved.