A hydraulic energy regeneration system for a work machine for boosting a pressure of a return hydraulic fluid of a hydraulic cylinder and regenerating the hydraulic fluid, prevents a bottom pressure from reaching an overload relief set pressure and suppresses a changeover shock to ensure favorable operability.The hydraulic energy regeneration system for the work machine, includes: a communication pressure boost passage that can boost a pressure of a discharge-side hydraulic fluid by communicating a discharge side and a suction side of the hydraulic cylinder with each other during an own weight fall of a driven body; a communication pressure boost valve that is disposed in the communication pressure boost passage and that can regulate one of or both of a pressure and a flow rate of the communication pressure boost passage; a reuse-side line and a reuse control valve or a regeneration-side line and a regeneration control valve that can regenerate a hydraulic fluid discharged from the hydraulic cylinder during the own weight fall of the driven body; and a controller. The controller is configured to reduce an opening degree of the communication pressure boost valve in response to an increase of the discharge-side pressure of the hydraulic cylinder right after the discharge-side pressure reaches a preset high load set pressure, and gradually reduces the opening degree of the communication pressure boost valve with passage of time.