The cooling performance of water-based quenchant deteriorates continuously in the process of using, and finally turns into waste liquid. In order to achieve the purpose of recycling quenching waste liquid, a set of technology including nano cavitation composite ultrasonic high-efficiency oil removal technology and photoelectric catalysis advanced oxidation technology is studied to determine the best treatment time. The results show that the cooling performance indexes of waste liquid are all available when the process is used for 2h, The quenching waste liquid can be put into production only by adding a small amount of stock solution.