The invention discloses a scrap steel strap reeling, bending and recycling device and a reeling, bending and recycling method thereof. The device comprises a rising and falling hydraulic cylinder, a pneumatic three-connection part, a first dual-lug-ring angle base, second dual-lug-ring angle bases, a first air cylinder, a second air cylinder and the like; a strap head waste joint is connected witha base assembly, the base assembly is connected with a waste box assembly, a first bolt and nut set is located above the strap head waste joint, the first bolt and nut set is connected with a third bolt and nut set, the third bolt and nut set is located below a fifth bolt connecting part, the fifth bolt connecting part is located below a second mounting plate, the second mounting plate is connected with a press head, the rising and falling hydraulic cylinder is located above the second mounting plate, a second sliding block is located on the right side of the third bolt and nut set, the second sliding block is connected with an air cylinder connecting support, and a cover shell is connected with the base assembly. Each long steel strap manually or automatically detached from a steel coilcan be reeled and bent automatically, and storage and transportation are facilitated.