The utility model discloses a water supply and return pipeline system with the function of pipe-in-pipe water return, which consists of a valve, a hot water supply pipe, a hot water supply vertical pipe, a water tail end, a thin-wall metal water return vertical pipe, a water return pipe, a water circulating pump and a controller, wherein the thin-wall metal water return vertical pipe is arranged in the hot water supply vertical pipe; and the top end of the thin-wall metal water return vertical pipe is connected with the water return pipe. In the utility model, the water return pipe and the water supply pipe that are traditionally and relatively independent are combined organically into one, therefore, the water supply and return pipeline system not only has the functions of a water return pipeline system and a water supply pipeline system, but also has small installation space occupied in a water heating tube well and saves labor and materials, the heat loss is small, and the energy wastes is reduced; by the reformation of the existing concentrated living hot water pipeline system that is provided with a hot water supply pipeline only and is not provided with a water return pipeline, the water supply and return pipeline system has simple and easy implementation and can not cause the damage to floor water-proof equipment and other equipments.