The invention discloses a two-phase inhibition water mist drilling cooling device. The two-phase inhibition water mist drilling cooling device comprises a two-phase atomizing nozzle (1), a right-angle metal elbow (2), an extensible metal pipe (3), a high-pressure hose I (4), a pressure-measuring metal pipe I (5), a pressure-measuring metal pipe II (7), a high-pressure hose II (10), a proportioning mixer (11) and an inhibitor box (12), wherein the two-phase atomizing nozzle is connected with one end of the right-angle metal elbow and one end of the extensible metal pipe, the other end of the right-angle metal elbow is connected with the high-pressure hose I, the pressure-measuring metal pipe I is installed in the middle of the high-pressure hose I, a gas pressure gauge is installed on the pressure-measuring metal pipe I, the other end of the extensible metal pipe is connected with the high-pressure hose II through the pressure-measuring metal pipe II and a valve, and the proportioning mixer is installed in the middle of the high-pressure hose II and is connected with the inhibitor box. The two-phase inhibition water mist drilling cooling device can carry out rapid cooling on high-temperature drilled holes, is good in fire extinguishment effect and low in water consumption, can effectively inhibit reignition, and have the high field adaptability.