The invention relates to a pocket machining device and a method for machining an integral bearing retainer of wind power equipment. The machining method comprises the steps of material feeding, rough rounding, welding, fine rounding and shaping in sequence, as well as pocket machining; the machining method is characterized in that: in the material feeding step, a cold-rolled plate is cut into a straight-strip-shaped pocket-free plate; the pocket machining step is performed after the fine rounding step and before the shaping step; and the roundness of pockets on the retainer can be ensured, the pockets can be prevented from deforming and generating multi-edge round, and the precision of the pockets on the retainer can be guaranteed. The pocket machining device comprises a supporting mechanism, a radial positioning mechanism, an axial positioning mechanism, a retainer driving and moving mechanism and a movable arm limiting mechanism, as well as a hydraulic control system which is used for controlling a first cylinder, a second cylinder, a movable arm cylinder and a third cylinder. The functions of clamping, positioning, equal-distance feeding, compressing and discharging and the like of the retainer after being welded into a whole can be realized during pocket laser cutting and machining.