The present invention mainly relates to blast furnace ironmaking, power generation and oxygen generation. It is characterized by that in the blast furnace ironmaking system the oxygen-making system and combined circulation power generation system are integrated. The gas produced by smelting iron with blast furnace is undergone the processes of removing dust, cooling and compression and fed into combustino chamber of gas turbine to make combustion , then the high temp. gas produced by combustion is expanded, and can be used for driving gas turbine and making it apply work to drive power generator to generate power, and the high-temp. waste gas discharged by gas turbine and combustion waste gas of air-stove can be fed into waste heat boiler, and the produced steam can be used for driving steam turbine and making it apply work to drive power generator to generate power.