The invention provides a high-rise building fire extinguishing system and an application method thereof. The high-rise building fire extinguishing system comprises a temporary refuge cabinet, a fire-fighting rescue garment, a spraying induction system and a rescue main control system. The temporary refuge cabinet is provided with a turnover cabinet door and a sliding sealing door. The turnover cabinet door is connected with a hydraulic cylinder. The sliding sealing door is in sleeved connection with hidden sliding rails. Two circles of circulating water paths are arranged on the inner wall ofthe temporary refuge cabinet. Goods shelves are arranged in the temporary refuge cabinet, and fire-fighting and rescue tools are arranged on the goods shelves. A smoke isolation helmet, a fast strap,lateral auxiliary supporting frames and a multifunctional rescue meter are arranged on the fire-fighting rescue garment. The lateral auxiliary supporting frames can be connected to cooperate with thefast strap to from a simple stretcher. The multifunctional rescue meter displays data of life detecting, air quality, temperature and the like. The rescue main control system commands fire rescue through the wireless communication technology. The high-rise building fire extinguishing system is practical and effective, a positive pole can be played in refuge and rescue before and after fires, and the system is suitable for being used in a high-rise building.