The invention relates to an injection type refrigeration cycle system and a utilization method thereof. The injection type refrigeration cycle system comprises a generator, an injector, a condenser, a throttle valve, an evaporator, a circulating pump, a liquid storage container, a first valve and a second valve, wherein the generator, the injector, the condenser, the circulating pump, the liquid storage container and the first valve are sequentially connected end to end to form a first circulation loop; the injector, the condenser, the throttle valve and the evaporator are sequentially connected end to end to form a second circulation loop; the generator, the second valve, the liquid storage container and the first valve are sequentially connected end to end to form a third circulation loop; and the position of the liquid storage container in the vertical direction is higher than the position of the generator in the vertical direction. According to the injection type refrigeration cycle system, the outlet pressure of the circulating pump is far lower than the outlet pressure of a circulating pump in a traditional injection type refrigeration cycle system, the efficiency of the circulating pump is higher, the size of the integral refrigeration cycle system is effectively decreased, and the practicability is higher.