The invention is applicable to the technical field of new energy engines, and provides a liquid hydrogen and liquid oxygen direct injection piston type internal combustion power system. The liquid hydrogen and liquid oxygen direct injection piston type internal combustion power system comprises a hydrogen fuel engine, a magnesium hydride storage tank, a Kelaipu unit, a circulating water tank, a liquid oxygen pressure pump, a liquid hydrogen pressure pump, a water delivery pump and a low-pressure hydrogen buffer tank. The liquid hydrogen and liquid oxygen direct injection piston type internal combustion power system provided by the embodiment of the invention is combined with the Kelaipu unit; therefore, engine tail gas waste heat is fully utilized, the engine tail gas emission problem is thoroughly solved, the heat efficiency of the engine is improved, and zero emission of the engine tail gas is achieved. According to the invention, liquid oxygen and liquid hydrogen are used for combustion, the temperature is high, the pressure is large, the energy density is high, the power is large, and the size is small; and the liquid hydrogen and liquid oxygen direct injection piston type internal combustion power system is mainly used for flight equipment, and can also be used for ground mobile equipment and various vehicles. The liquid hydrogen and liquid oxygen direct injection piston type internal combustion power system can be used for power generation, and can also be used for power output.