The invention relates to a comprehensive controlling and protecting device and a comprehensive controlling and protecting method for a waste heat recovery turbo generator set. The device comprises a control computer, a voltage sensor, a current sensor, a communication unit and a fault protection and alarm signal unit; the voltage sensor and the current sensor are arranged on an output line of a generator and connected with the control computer through a simulated connecting line; and the control computer is also provided with a voltage and reactive power control signal unit. The method comprises the steps of constant power factor control of the generator, active power control of a steam turbine, voltage adjustment and frequency adjustment of the generator, connection of the generator and a power grid and the like. The device has the advantages of high integration degree, simple structure, small size, low cost, convenience in installation, low debugging workload, wide application range, high efficiency and high reliability, can communicate with an upper computer, and fulfills the aims of centralized monitoring and diagnosis. The method has the advantages of high automation degree, stability and reliability, and is easy to operate.