The invention discloses a planet gear ring oil pumping unit comprising a rack, a motor, a support, a gear box, a sun wheel gear shaft, a planet gear shaft, speed reduction gears, an annular rack and a rope suspending system. The planet gear ring oil pumping unit disclosed by the invention is characterized in that the middle part of the rack is provided with a support, the support is provided with the gear box, the gear box is provided with the sun wheel gear shaft, the speed reduction gear shaft and the planet gear shaft, and the speed reduction gear shaft and the planet gear shaft are respectively provided with one speed reduction gear. The planet gear shaft is meshed with the annular rack and does linear movement, and the two ends of the rack are semi-circular long rings, so that the oil pumping unit operates to an annular gear surface and enters into a guide ring, a planet gear is meshed with a semi-circular gear and moves from the left side of the rack to the right side of the rack under the action of the guide ring, the annular rack starts to operate in an inverted manner at the moment, reciprocation of the rack is realized, the rope suspending system at the top of the rack is driven, and the aim of pumping oil is achieved. The planet gear ring oil pumping unit disclosed by the invention has the characteristics of simple structure, reliable operation, high efficiency, stable reversing, economical efficiency and durability.