A system and method for monitoring and controlling oil return to a compressor, characterized by monitoring and controlling oil level, oil temperature, and compressor outlet pressure, so as to determine whether the oil level is lower than a predetermined level threshold, whether the temperature in the lubricating oil box is lower than a predetermined temperature threshold, and whether the compressor outlet pressure exceeds a predetermined pressure threshold, so as to control the flow of lubricating oil returned to the oil box by controlling the valve opening of the oil return valve according to a non-segmentation principle or a segmentation principle, ensure sufficient lubricating oil in the oil box, and enhance efficiency of the system.