The invention provides a bidirectional multi-service access ROF transmission system and method for realizing carrier wave reuse by applying polarization multiplexing. According to the invention, optical carrier wave inhibition signals whose energy is concentrated at positive and negative first-order sidebands is generated at a center station, then multi-service signals are modulated to the positive first-order optical sideband, the polarization state of the negative first-order sideband is controlled to form an included angle of 45 degrees with an original polarization state, and thus modulation of multi-service optical millimeter waves is completed. Optical signals are transmitted to a base station via a fiber link and are divided into two parts through polarization separation, one part is converted into multi-service electric millimeter waves through photoelectric detection and is sent by an antenna after amplification, and at a user unit, the antenna receives and respectively demodulates signals of each service; and the other part is taken as optical carrier waves of uplink signals for sending to the center station by carrying radiofrequency signals, and radio frequency baseband signals are obtained through photoelectric conversion at the center station.