The invention discloses a medium and low temperature coal tar deep processing method. Medium and low temperature coke material is pretreated and fractionated to obtain light fraction, carbolic oil and heavy fraction, dephenolization treatment is carried out on the carbolic oil to obtain phenols product and dephenolized oil, the dephenolized oil and the above heavy fraction carry out pyrogenetic reaction jointly to obtain various carbonized products, wherein carbonized naphtha, at least one of carbonized diesel oil and carbonized wax oil is mixed with the light fraction obtained by material fractionation to carry out hydrofining and hydrocracking reaction, hydrogenated naphtha obtained by hydrocracking carries out catalytic reforming-aromatics extraction to obtain benzene, toluol, xylene, solvent oil and other products. Compared with the prior art, gasoline fraction and diesel oil fraction obtained by the inventive method are clean and stable in properties. In addition, the invention can produce a plurality of chemical products with high added value, truly realizes the effective utilization of medium and low temperature coal tar, and greatly improves the service life of devices.