The invention discloses a suspension roasting comprehensive utilization system and method for iron containing manganese ore. The system comprises a feeding bin (1), a cyclone separator (11), a suspension roasting heat accumulator (3), a combustor (4), a suspension roasting oxygenizer (5), a reducer (6), a cooler (7) and a magnetic separator (8). The method comprises the steps that firstly, the iron containing manganese ore is crushed and arranged in the feeding bin; secondly, the iron containing manganese ore is conveyed into the cyclone separator through a spiral feeder, and bottom materials enter the suspension roasting heat accumulator; thirdly, the combustor is inflated with air and coal gas, and oxygen-excess combustion of the materials in the suspension roasting heat accumulator is kept; fourthly, a roots blower is started, and the preheated materials enter the suspension roasting oxygenizer; fifthly, the materials enter the reducer to be subjected to the reducing reaction after being oxidized; and sixthly, the materials enter the cooler to be subjected to heat exchange after being reduced and then enter the magnetic separator. The suspension roasting comprehensive utilization system and method have the beneficial effects that the heat and mass transfer efficiency is high, waste heat can be recycled, the treating capability is high, and the suspension roasting comprehensive utilization system and method are suitable for large-scale industrial production.