The invention provides a pharmaceutical wastewater reclaimed water recycling processing system and a method. The pharmaceutical wastewater reclaimed water recycling processing system comprises a comprehensive regulating tank, an environment-friendly EPT electrocatalytic oxidation device, a vertical flow sedimentation tank, a pretreatment pool, a MBR membrane pool, an active carbon filter, an ultraviolet disinfection device, a reclaimed water pool, and a frequency-variable pressure-constant water supply equipment which are communicated successively. The pharmaceutical wastewater reclaimed waterrecycling processing system can be used for grading and sectional processing of pollutant matrix in pharmaceutical wastewater. According to the method, firstly, pharmaceutical wastewater biological inhibition influence factors are subjected to pretreatment, the toxicity is controlled to be lower than a bio-chemical inhibition concentration, and wastewater biodegradability is increased; reasonablecombination of high grade oxidation technology, bio-chemical processing technology, and deep processing technology are combined reasonably, pharmaceutical wastewater resource recycling is realized, processing system simplification, equipment integration, high efficiency and energy-saving processing effect, and processing system intelligentizing are realized; the removing efficiency and the stability of the whole wastewater processing technology are increased obviously.