The invention provides a two-stage refrigerating circulation system with an economizer and oil cooling compression. The two-stage refrigerating circulation system with the economizer and oil cooling compression comprises a compressor, an oil separator, a first heat exchanger, a second heat exchanger, a third heat exchanger, the economizer, a heat regenerator, a first throttling device, a second throttling device and a third throttling device, and all the components are connected through pipelines. The compressor, the oil separator, the first heat exchanger, the first throttling device, the economizer, the second throttling device and the second heat exchanger form a refrigerant cycle. The compressor, the oil separator, the third heat exchange and the third throttling device form an oil cooling compression cycle. The mass percentage of oil in a mixture (oil and a refrigerant) at an exhaust port of the compressor is 0%-60% and can be regulated. According to the two-stage refrigerating circulation system with an economizer and oil cooling compression, the oil spraying quantity can be increased, compression heat is effectively absorbed by means of the oil cooling compression process, the exhaust temperature of the compressor is decreased, and the isentropic efficiency and isasteric efficiency of the compressor are improved. Through the combination with an air-supply enthalpy increasing cycle of the economizer, the refrigerant in the economizer is evaporated for oil cooling, an oil cooling system is simplified, and the performance of the oil cooling compression cycle is improved.