A wellbore fluid recovery system and method is disclosed for recovering a column of wellbore fluid within a stand of pipe when breaking out joints of a wellbore tubular string. The system comprises a container that can be mounted to seal around the joint. The container is preferably connected through a first valve to a receiving tank to which a vacuum may be applied. A vacuum tank may preferably be provided to assist in producing the vacuum in the receiving tank and a second valve preferably connects between the receiving tank and the vacuum tank. A third valve may be provided for controlling flow from the receiving tank to a storage tank for wellbore fluid. Prior to breaking the joint, a vacuum is preferably applied to the receiving tank. The first valve may then be opened to remove the fluid from the joint that is captured by the container in response to the vacuum in the receiving tank. Subsequently, the third valve is opened to permit drainage between the receiving tank and the storage tank. The first and third valves may then be closed and the second valve may be opened for producing a vacuum in the receiving tank. A vacuum source may be used to increase the vacuum in the receiving tank further as necessary. The second valve may then be closed and the system is ready to operate as described above to receive fluid from the next joint.