Hydraulic excavators are essential excavation machines, with more than 3.8 million sets in use in the mining, and engineering and architectural engineering construction fields. However, during the working process, a large amount of gravitational potential energy is wasted, causing low energy efficiency and poor emissions. Taking a large-scale excavator as an example, during a certain 90 degrees excavation process, the gravitational potential energy wastage of the working device is approximately 975.1 kJ, which amounts to at least 20% of the energy consumption of the entire machine, causing significant energy waste and serious pollution. And, during the boom lowering process, the changing rate of potential energy is about 406.4 kW. In order to improve the energy efficiency of hydraulic excavators, the recovery of this huge energy that changes rapidly with low cost and high efficiency is a big problem that must be solved. This paper proposes a gravitational potential energy recovery scheme with an energy conversion cylinder and a hydraulic accumulator. Using this scheme, the gravitational potential energy of the working device can be stored and reused directly, without increasing the cost and install power of the machine largely. In the study, first, the system parameters are designed, following which the multidisciplinary dynamic model of the hydraulic excavator is established. The influence of the accumulator parameters on the energy recovery ratio is studied based on the model. The results demonstrate that with the newly designed system more than 75.9% of the gravitational potential energy can be stored in the accumulator during the lowering process. Moreover, during a certain lifting process, the input energy to the pump can be reduced by 52%. On this basis, a 76 the hydraulic excavator test system is constructed using the above principle. The experimental results match strongly with the co-simulation results. The energy consumption can be reduced to approximately 238 kJ during a certain 90 excavation cycle, and the system can reduce the carbon dioxide emissions by 28088.4 kg per year. The energy-saving and emission-reduction effects are remarkable; furthermore, this principle can directly be applied to other lifting machines.