A heavy metal ion recycling agent is characterized by comprising a compound represented as a structural formula shown in the specification, wherein R1 is selected from an alkyl group, a derivative of the alkyl group, an amino group, a derivative of the amino group, an aryl group and a derivative of the aryl group, and the number of hydrogen atoms in the components and the number of carbon atoms in the components are smaller than 6; n is an integer larger than or equal to 50; M adopts K, Na, Li or NH4. The heavy metal ion recycling agent in water can form a stable heavy metal ion chelate in a cross-linked network shape with divalent and/or trivalent heavy metal ions, and flocculent precipitate is formed to facilitate separation and recycling, that is, the heavy metal ions in the wastewater can be recycled. Besides, the wastewater containing the heavy metal ions can be discharged up to the standard, and heavy metal can be recycled from the separated heavy metal ion chelate after reduction treatment.