The invention belongs to the technical field of bobbin winders, and particularly relates to a circulating oiling system of winding equipment. The technical problems of low oiling accuracy and the like in the prior art are solved. The oiling system comprises a main line oil trough arranged on a bobbin winder frame and at least one oiling tank, the oiling tanks are arranged on the main line oil trough and internally filled with line oil, a shell is arranged above the oiling tanks, the lower end of the shell is provided with a line inlet, a circulating toothed oiling mechanism which can be connected with the line oil inside the oiling tanks is arranged at the line inlet, the upper end of the shell is provided with a line outlet, and a line oil covering mechanism is arranged between the circulating toothed oiling mechanism and the line outlet. The circulating oiling system has the advantages of good filtering effect, circulating oil supply, high oiling accuracy and convenience in cleaning.