The invention discloses a screw expander dragged sintering wast heat power generation system and method. The system comprises a vertical sinter cooling device, a sintering machine, a bellows, a main flue, a dust collector, a first electric fan, a first fan, a first screw expander, a heat pipe waste heat boiler, a steam supplementing and condensing type steam turbine, a chimney, a generator, a condenser, a first water pump, a second water pump, a third water pump, a deaerator, a fourth water pump, a fifth water pump, a dual-intake dual-pressure waste heat boiler, a cold air intake valve, a second electric fan, a second screw expander, a second fan, a blow off valve, another dust collector, a vertical sinter cooling device intake chamber, a vertical sinter cooling device low-temperature air outtake chamber, a vertical sinter cooling device medium-temperature air outtake chamber and a vertical sinter cooling device high-temperature air outtake chamber. By the system and method, sintering waste heat and energy can be recovered efficiently, power generation efficiency is improved, consumed energy needed for equipment operation is saved greatly, and the system and method is of great significance to energy conservation and emission reduction of iron and steel enterprises.