The utility model discloses a two-stage compression heat pump circulation system for deep condensation of dead steam, and relates to a heat pump circulation system. The utility model aims to solve theproblem that the evaporation temperature and the performance coefficient of the heat pump are low when the conventional heat pump is used for deeply recovering waste steam and waste heat. The air conditioner comprises a first compressor, heat pump condenser, second throttling expansion valve, heat pump first evaporator, the heat pump unit comprises a third throttling expansion valve, a second heat pump evaporator, a second compressor, a first heat-carrying medium pipeline, a second heat-carrying medium pipeline, a first exhaust steam pipeline, a second exhaust steam pipeline, a third exhauststeam pipeline, a first refrigerant pipeline, a sixth refrigerant pipeline, a seventh refrigerant pipeline, an eighth refrigerant pipeline, a ninth refrigerant pipeline and a tenth refrigerant pipeline. The heat pump is used for deep heat recovery of dead steam of a roller way conveying line, and the performance coefficient of the heat pump is improved through stepped evaporation and stepped compression.