The present invention relates to a mold system for producing building precast elements and the method for precasting the elements. Said mold system comprises a bottom mold unit (11) and at least one upper mold unit (12), wherein said upper mold unit (12) is provided with an upper working platform (2) at the periphery thereof. Said upper mold unit (12) is supported by a supporting frame (3), wherein one side of the upper mold unit (12) is rotatably connected with said support frame (3) through a rotating shaft, so that said upper mold unit (12) can be rotated upwardly from a horizontal posture to a vertical posture or rotated downwardly from the vertical posture to the horizontal posture according to the requirements in operation. In the mold system for building precast elements according to the present invention, at least two layers of mold units are arranged on one single worksite, thus increasing the utilization rate of the worksite and the productivity of the precast elements significantly. The present invention is especially suitable to regions where land resources are very short.
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