There is a height drop in the rain area of the circulating cooling water in mechanical ventilation circulating cooling towers, resulting in the ineffective use of gravitational potential energy. High-level water collection is an effective way to reduce the energy consumption of the cooling tower. Based on this, aiming to solve the gravity energy waste problem of circulating water in the cooling tower of a steel plant, this paper innovatively puts forward the high-level water tank to utilize the energy-saving transformation technology of turbine power generation and pump power saving. Additionally, this paper explores the energy-saving effects of the two methods under different height drops. The results show that the maximum utilizable rain area height of the cooling tower is 5 m, while the annual electric energy output of turbine technology can reach 4.704 million kW·h. The high water collection technology can reduce pump power consumption and save up to 7.35 million kW·h per year of electric energy, maintaining a more significant energy-saving ability compared with the turbine power generation technology. In terms of performance, the design of a high-level water tank is to help eliminate rain areas and improve the heat exchange efficiency of water and gas, so that the water temperature of the outgoing tower is 0.13 °C lower than that of the conventional cooling tower. Meanwhile, the ventilation resistance in the rain area is weakened, the resistance coefficient can be reduced by about 40–50%, and the noise can be reduced by about 10 dB (A) under the action of the water collection device. According to the economic evaluation, the total cost of turbine power generation technology is 0.563 million dollars and the total cost of high-level water collection technology is 0.446 million dollars. The cost can be realized within two years, but the high-level water collection technology avoids additional pump maintenance costs and has better economy. This study provides a theoretical basis for the transformation and optimization design of mechanical ventilation cooling towers, and has important reference value.