The invention provides a self-lubricating oil-free compressor oil circulation cooling system and method. The method comprises the steps that an oil flinger or a synchromesh gear and a rotor rotate coaxially, and high-temperature lubricating oil inside a gas exhaust end oil tank is driven to splash against the wall surface of the oil tank; the oil flows downwards under the effect of gravity, is collected when passing through oil baffles with certain dip angles with respect to the wall surface, and then flows out of oil holes formed in the wall surface; and finally, the oil flows into a gas suction end oil tank through an oblique external oil tube, accordingly, circulation of the oil in the oil tanks at the gas suction end and the gas exhaust end is achieved, heat of the oil is mainly dispersed into the air through cooling fins of a gas suction end oil tank end cover and a gas exhaust end oil tank end cover, and convectional cooling is enhanced through circulation. The system does not need an external oil pump, an oil cooler and an oil filter, a splashing lubrication and gravity oil return mode is utilized, the oil using amount is reduced, the reliability of a compressor is improved,the total energy-saving effect is improved, and the total economic benefit is increased.