The invention discloses an air purification system based on air conditioner condensation heat recycling and regenerating and a running method of the air purification system. The system comprises a compressor, an air purification heat exchanger, an outdoor tube-fin-type heat exchanger, an indoor tube-fin-type heat exchanger, a throttling element, a four-way reversing valve, an electric check valve,fans, air valves and a purification air channel. According to the air purification system based on air conditioner condensation heat recycling and regenerating, the air purification part is additionally arranged on the basis of a common household air conditioner; in the air purification stage, purification treatment is conducted on air flowing through the air purification system through the adsorption effect of VOCs and formaldehyde adsorption materials which are applied to the surface of the air purification heat exchanger; and in the regenerating stage, heat needed by the desorption processof the adsorption materials is provided through condensation waste heat of the air conditioner, and air is exhausted out of a room. Therefore, continuous adsorption of indoor VOCs and formaldehyde can be achieved, and the indoor air quality can be improved; the adsorption materials are regenerated by effectively utilizing the condensation waste heat of the air conditioner, the recycling effect isachieved, and system energy consumption is reduced; and indoor air exchange can be conducted while exhausting is conducted in the regenerating process, and therefore the effect of improving the indoor air freshness is concurrently achieved.