The invention discloses a system and a treatment method for recovering properties of waste transformer oil. The system comprises an oil supplying pump, a vacuum treatment device, an adsorption regeneration device, a secondary fine filtering device and an electric control cabinet. The system integration is realized by integrating a rough filtering device, the secondary fine filtering device, a heating and temperature rising device, the vacuum treatment device and the adsorption regeneration device, and the integrated system can be used for carrying out rough filtering and secondary fine filtering on the waste transformer oil, dehydrating, degassing and filtering in vacuum, adsorbing, regenerating and filtering, and can be used for carrying out all-directional filtering treatment on the waste transformer oil, so that the cleanness, moisture content, gas content, and indexes including an acid value, dielectric lose, pressure resistance and the like of the waste transformer oil reach new oil standards; the treatment method for recovering the properties of the waste transformer oil, provided by the invention, can be used for carrying out deep treatment by selecting a certain treatment manner according to ageing degrees and impurity components of the waste transformer oil; various treatment manners are integrated through switching working modes, so that the property recovery of the waste transformer oil is realized very well.