The invention provides a nanolayer lubricating diamond grinding wheel grinding device based on an impact wave cavitation effect for solving the problem that a grinding solution affected by an air barrier is hard to enter a grinding core region. The device specifically comprises a control system, an accelerating module, an impact wave accelerating module, a machining module and a recovery module. The control system controls operation of the device; the accelerating module is composed of an accelerating pipe, a small La Farr pipe and the like, so that nanoparticles gain initial speeds; the impact wave accelerating module composed of an electromagnetic coil, an impact head, an impact ball, a wave collector, a large La Farr pipe and the like generates two wave sources, wherein one of the wavesources cleans impurities on the surface of the grinding wheel while the other one impacts the nanoparticles with initial speeds to the surface of the grinding wheels to form a nanolayer; in the machining process, the nanoparticles in the nanolayer are released to the grinding core region autonomously, so that the grinding region is self-lubricated and cooled; and the recovery module is used for recovering the nanoparticles to use the nanoparticles repeatedly. The nanolayer lubricating diamond grinding wheel grinding device not only improves the lubricating and cooling effect, but also meets an environmental-friendly development idea.