The invention provides a drilling tool salvaging device and method. The drilling tool salvaging device comprises a thread making cone, a guiding piece and a hooked piece; the guiding piece comprises ahollow body and a guiding part for guiding a drilling tool, one end of the body is connected with the thread making cone, and the other end of the body is connected with the hooked piece; and the guiding part is located at the end, away from the thread making cone, of the body so as to be matched with the hooked piece to right the drilling tool. According to the drilling tool salvaging device, the hooked piece is mounted on the side, away from the thread making cone, of the body of the guiding piece, meanwhile, the guiding part is arranged at the end, away from the thread making cone, of thebody, when the fish top of the salvaged drilling tool is located on the large belly part of a drill hole or tightly attached to the well wall, the drilling tool is hooked through the hooked piece of the drilling tool salvaging device to move so as to leave from the large belly part or the well wall, then under the cooperation guiding effect of the guiding part, the drilling tool is righted and smoothly enters the body of the guiding piece and the thread making cone, thus the drilling tool is conveniently subjected to thread making through the thread making cone and taken out from the drill hole, and the salvaging success rate is increased.