The invention provides a mechanical flash type air conditioning refrigeration system and a working method thereof, and belongs to the technical field of refrigeration. The system uses water as a working medium, and compared with a conventional refrigeration system using freon as the working medium, the mechanical flash type air conditioning refrigeration system has the advantage that the circulating working medium is free of any environmental hazards; and chilled water obtained by flash evaporation in the working process directly exchanges heat with indoor air, the cold release only requires one-stage heat exchange, the system cold loss is small, the operation condition of a water vapor compressor is improved, the operation energy consumption of the water vapor compressor is reduced, and the system has a relatively high refrigeration coefficient. According to the system, the frequency of the water vapor compressor is adjusted during a night valley electricity price period so that the flash refrigerating capacity of the system can be increased; and cold accumulation is carried out through a flash tank, and cold is released during a high-electricity-price period so that the peak load shifting of the electric power resources can be realized, and meanwhile, the operation cost of the system is reduced. The mechanical flash type air conditioning refrigeration system has the advantages of being energy-saving, environmentally friendly and the like.