The invention discloses an engine/generator water circulation system for reducing exhaust pollutant emission. The engine/generator water circulation system comprises a combustion chamber and a water tank, wherein an air inlet and an exhaust port are formed in the combustion chamber; the front end of the air inlet is provided with a turbocharging device; high-temperature and high-pressure waste gas discharged by the exhaust port enters into the turbocharging device by a pipeline for pressurizing air which is going to enter into the combustion chamber, then the high-temperature and high-pressure waste gas is cooled after passing through the water tank through a pipeline and is connected to a gas-liquid separation device, a filtering device and/or a tail gas purifying device; liquid separated by the gas-liquid separation device backwards flows to the water tank through a pipeline or is directly recycled. According to the engine/generator water circulation system, the high-temperature and high-pressure waste gas is used for heating and pressurizing the air entering into the combustion chamber, so that the energy carried by the tail gas exhausted by the combustion chamber can be completely recycled, the liquid water is recycled; the exhaust pollutant emission is reduced.