Disclosed are a machining method of ultra-depth vertical turning, and a hinged tool rest special for the same. The method includes: setting a machining program, pulling a tool bar until the axis of the tool bar is perpendicular to the axis of a spindle, moving the spindle, pulling off stop pins after moving the spindle, inserting a positioning insert bar after the axis of the tool bar is superposed with that of the spindle, tightening positioning bolts, and machining a workpiece; after machining, loosening the positioning bolts, pulling off the positioning insert bar to allow the axis of the tool bar to be perpendicular to that of the spindle, re-inserting the stop pins, and taking out the workpiece. The special hinged tool rest comprises a spindle connecting block, a tool bar, a positioning insert bar, stop pins and positioning bolts. The upper end of the spindle connecting block is fixed to a lathe spindle. The lower end of the spindle connecting block is provided with an elongated tool bar mounting groove. The tool bar comprises a tool shank and a tool mounting rack for mounting a tool. The upper end of the tool shank is hinged to a connecting shaft inside the tool bar mounting groove. The machining method and the special hinged tool rest have the advantages that the structure is simple, safety factor is high, repeated positioning has small errors, mounting is quick, and the workpiece is convenient to take and place.