The invention relates to the technical field of water conservancy and hydropower equipment, in particular to a limiting valve type air exhausting and water draining device and a water anti-seepage system with the device. The limiting valve type air exhausting and water draining device comprises a hollow valve body, and the valve body sequentially penetrates a gas collecting and water accumulating layer, a foundation layer, a soil pressing layer and a water layer from bottom to top, an anti-seepage film is laid between the foundation layer and the soil pressing layer, and a limiting air exhausting valve is embedded in the valve body and can be automatically switched between the opening state and the closing state according to changes of the pressure difference between the medium above the anti-seepage film and the medium below the anti-seepage film, so that air below the film can be automatically and effectively exhausted out, and a film body of the anti-seepage film can be prevented from being ejected and damaged by air below the film; meanwhile, the device has the good automatic air exhausting and water draining and pressure reduction effects; and the device is simple in structure, convenient to produce, safe, reliable and convenient to construct, due to the fact that the device is buried underwater, attractiveness is not affected, and the automatic water draining and air exhausting function of the position below the anti-seepage film can be well achieved.