The invention discloses a system and control method for liquid slag dry type centrifugal pelletizing and waste heat recycling. The system comprises a liquid slag draining unit, a liquid slag temporary storage and flow control unit, a liquid slag pelletizing and waste heat recycling unit, and a waste heat utilizing unit. By the adoption of the system and the control method, the temperature and flow of liquid slag entering a pelletizing bin, the liquid slag pelletizing particle size and the moving bed slag discharging temperature can be strictly controlled, thus, the overall technological requirements of the technology are met, and the effect that the system for liquid slag dry type centrifugal pelletizing and waste heat recycling and utilizing operates safely and reliably is guaranteed. All high-quality waste heat resources contained in the high-temperature liquid slag are not wasted, no water resource is consumed, environment pollution is avoided, and the urgent requirements of the current iron and steel industry for energy saving and emission reduction can be met.