Disclosed is an air-circulating and shock-absorbing shoe that protects the backbone and knee joints and provides smooth air circulation for pleasant wearing of shoes for a long time. The shoe includes an outsole formed with the firstfirst and secondsecond air chambers, a midsole and an insole formed with multiple air suction holes connected with the firstfirst air chamber, and a check valve formed in the secondsecond air chamber of the outsole. The shoe is formed with multiple concaved holes on the bottoms of the firstfirst and secondsecond air chambers, multiple air cushion projections formed on the bottom of the midsole and inserted into the concaved holes, and shock-absorbing holes formed on the top of the air cushion projections.