Abstract: The present invention belongs to the field of treatment of urban organic wastes, and specifically relates to a high-value treatment system or method for urban wet garbage. According to the present invention, through the steps such as oil extraction, high-efficiency hydrolysis, high-value biological conversion, simultaneous recovery of released nitrogen and phosphorus and deep utilization of residues, urban wet garbage is converted into acetic acid by high-value treatment, produced by-products including carbon dioxide and hydrogen are biologically converted into acetic acid, released nitrogen and phosphorus are recycled into slow-release fertilizers, and solid residues are used to prepare materials capable of promoting conversion of the wet garbage into acetic acid through high-value treatment. According to the present invention, not only can high-value treatment of the urban wet garbage be realized, but also produced waste gases and waste residues are recycled.