The invention discloses a circulating hot pump power generating system comprising dual heat exchangers. The circulating hot pump power generating system comprises a power generator (1), a steam turbine (2), a second compressor (5), the first heat gathering exchanger (8), the second heat gathering exchanger (18), a first vaporization evaporator (21), a second vaporization evaporator (22), a pressure accumulation tank (13), a first compressor (15), a second heat gathering unit (16), a water heat exchanger (17), a preservation tank (24), a condensation tank (25), a first heat gathering pipe (31), a cooling tower (34) and a storage tank (37). According to the circulating hot pump power generating system, the power generator can be driven by the steam turbine through water heated by industrial waste heat, solar thermal energy, geothermal energy and the like to operate to achieve hot pump power generation.