The invention provides a compression-absorption-diffusion composite refrigeration device and a refrigeration circulation method which adopts the device, while the device and the method belong to the technical field of refrigeration devices. The device is coupled in a series connected way by an absorption refrigeration system, a compression refrigeration system and a diffusion refrigeration system and is composed of a common heat exchange device, a throttling device and a refrigeration working medium; and the device comprises a liquid storage device, a solution pump, a generator, a rectifier, a first-stage condenser, a second-stage condenser, a compressor, a throttle valve, an evaporator and an absorber. Ammonia vapor completes first pressure increase in the diffusion refrigeration system and the absorption refrigeration system and enters the compressor through a pipeline after entering the first-stage condenser for completing second pressure increase, after that, the ammonia vapor enters the second-stage condenser to be cooled to liquid ammonia, the liquid ammonia enters the evaporator through the throttle valve, the evaporation and the refrigeration are carried out under the role of a diffusing agent of the evaporator, the liquid ammonia is further mixed with the diffusing agent to enter the absorber, ammonia in the absorber is absorbed, and the diffusing agent is returned back to the evaporator along the pipeline. The device of the invention is applicable to small-scale low-grade waste heat refrigeration occasions.