The invention relates to a system and method for preparation of reduction gas and activated carbon by pulverized coal gasification. The system includes a coal hydrogasification unit, a cyclone separation unit, a catalytic cracking unit, a gas separation unit and a mixed semicoke activation unit. Specifically, the coal hydrogasification unit comprises a pulverized coal nozzle, a hydrogen-rich reduction gas nozzle, a biomass chilling agent nozzle, a mixed semicoke outlet and a gasification mixture outlet; the cyclone separation unit comprises a gasification mixture inlet, a separated semicoke outlet and a dust removal gas outlet; the catalytic cracking unit comprises a dust removal gas inlet and a purified gas outlet; the gas separation unit comprises a purified gas inlet and a carbon dioxide outlet; and the mixed semicoke activation unit comprises a mixed semicoke inlet, a carbon dioxide inlet, an activated carbon outlet, and an activated carbon dioxide outlet. The system and method provided by the invention can solve the chilling agent selection and hydrogen source problems in a coal hydrogenation process, and at the same time realizes efficient utilization of gasified semicoke.