In order to minimize waste liquor, save resources, and reduce costs, the effects of alkali recycling and ozone recycling on enzymatic conversion in alkali combined with ozone pretreatment of corn stover and the mechanism were studied. The results showed that as the number of cycles of alkali/ozone filtrate increased, the enzymatic conversion and the loss of reducing sugars showed a downward trend. It was indicated that the ability of alkali to damage lignocellulosic decreased with an increasing number of alkali circulation and the accumulation of lignin degradation products generated during ozonolysis inhibited enzymatic conversion. When the ozone filtrate was recovered and used for hydrolysis directly, the enzymatic conversion rates were basically the same compared with the first self-circulation of ozone filtrate, and no sewage was discharged. In conclusion, the optimal circulating pretreatment was four times alkali circulation and ozone filtrate was used as an enzymolysis liquid directly, and the conversion rates of cellulose and hemicellulose were 85.96% and 34.26%, respectively, saving 44% alkali consumption at the same time. This paper provided the theoretical basis for the development of lignocellulose pretreatment technology with low cost, high efficiency, and high conversion rate.