The invention provides a biomass combined heat and power generation system capable of recycling steam exhaust and smoke waste heat at the same time, and belongs to the technical field of biomass energy use. The system comprises a biomass boiler, a steam turbine, a steam exhaust heat exchanger, a condenser, a cooling tower, a boiler water supply heater, a smoke emission reduction and waste heat recycling integrated unit, a smoke spraying water heat exchanger, a chimney, a power grid, an end electric heat pump, a user heat exchanger, a connecting pipeline and a valve. The smoke emission reduction and waste heat recycling integrated unit comprises a desulfurizing tower and a waste heat recycling tower; the electric heat pump mixed water heat supply manner is adopted on the user side to reducethe heat supply network water returning temperature, through direct heat exchange, smoke condensation latent heat and steam exhaust waste heat in a power plant can be recycled in a gradient manner, the heat supply capacity of a biomass power plant can be increased, and the optimal biomass energy comprehensive use efficiency is obtained.