The invention provides a cutting emulsion wastewater treatment system and a cutting emulsion wastewater treatment method. The system comprises an adjusting pool, an oil separation pool, an agent feeding pool, an air floatation unit, a middle pool, a security filter, a catalytic oxidation unit, a middle water pool, a heat exchanger, a UASB reactor, a contact oxidation device, an MBR unit, a clear water pool, a circulating pump and an incineration system. According to the present invention, the system and the method select the active carbon loaded transition metal catalyst, and have characteristics of efficient and stable treatment effect, short reaction time, low chemical sludge yield, no hardening of the filler, low backwash frequency and low filler loss; based on catalytic oxidation, thetoxic and harmful substances in the raw water are subjected to ring opening and chain breaking so as to improve the biodegradability of the wastewater, provide the conditions for the application of the biochemical system, remove the organic pollutants, and reduce the sludge yield of the biochemical system and the investment and operation cost of the subsequent biochemical system; and the system and the method have advantages of strong impact load resistance, high and stable treatment efficiency, low operation cost and no toxic and harmful odor emission, and can be widely used in low-biodegradability and high-concentration organic wastewater treatment.