The invention discloses a tempering and quenching tank with a circular cooling function. The tempering and quenching tank is characterized by comprising an outer tank (1) capable of introducing cooling water and an inner tank (2) for tempering and quenching; the inner tank (2) is arranged in the outer tank (1); flowing channels (5) are respectively formed between the periphery and the bottom of the inner tank (2) and the inner wall of the outer tank (1); and a water inlet hole (3) and a drainage hole (4) are respectively formed in two opposite side walls of the outer tank (1), and respectively communicate with the flowing channels (5). The tempering and quenching tank adopts double-layer design, and is divided into the inner tank and the outer tank; the water inlet hole and the drainage hole are respectively designed on two sides of the outer tank, and communicate with the space between the inner and outer tanks; forced circulating cooling water is introduced to take away heat of a medium in the inner tank to achieve a cooling effect; the temperature of the medium in the inner tank can be kept to a certain extent to stabilize the heat treatment effect; and the tempering and quenching tank is suitable for popularization and application.