A waste heat recovery and utilization system includes a material waste heat extraction subsystem, a flue gas waste heat recovery subsystem and a control subsystem; the material waste heat extraction subsystem is in communication with the flue gas waste heat recovery subsystem for extracting, by utilizing a flue gas flowing through the material waste heat extraction subsystem, a waste heat from a material with waste heat to be recovered; the flue gas waste heat recovery subsystem is used for recovering a waste heat of flue gas discharged from an aluminum electrolytic cell and a waste heat extracted from the material with waste heat to be recovered; and the control subsystem is used for regulating and controlling operational parameters of the material waste heat extraction subsystem and the flue gas waste heat recovery subsystem during waste heat recovery and utilization.