The invention relates to a combined heat and power generation energy saving device using afterheat to supply heat and an energy saving method. The combined heat and power generation energy saving device comprises a steam boiler, a steam extraction condensed type steam turbine, an electric generator, a condenser, a deaerator and a cooling tower, wherein the steam extraction condensed type steam turbine is connected with the condenser by an exhaust steam cylinder, and the condenser is connected with the cooling tower to form large waterway circulation; the combined heat and power generation energy saving device also comprises a backpressure turbine, a compression heat pump and a heat exchanger, wherein a steam inlet of the backpressure turbine is connected with a steam extraction hole of the steam extraction condensed type steam turbine, an exhaust steam hole is connected with a steam inlet of the heat exchanger, the compression heat pump is drawn by the backpressure turbine and is connected with the backwater end of a hot-water pipe network, the condenser and the compression heat pump are connected with the cooling tower to form small waterway circulation, the water inlet end of the heat exchanger is connected with the water outlet end of the compression heat pump, the water outlet end is connected with the water inlet end of the hot-water pipe network, and the drainage end is connected with the deaerator. The invention is capable of reducing cold source loss, increasing comprehensive heat efficiency and electrothermal proportion and reducing unit electric-generation coal consumption.