The invention provides a method for processing PET/PA ferrous alloy color masterbatch by chemically depolymerizing waste polyester textiles. The method is characterized by comprising the following steps: preparing components including, by weight, 20 parts of PET, 40 parts of blown-film-grade LDPE, 30 parts of black carbon black and 10 parts of a compatibilizer; uniformly mixing the prepared components; and performing extrusion and granulation so as to obtain PET/LDPE ferrous alloy blown-film-type color masterbatch. Or the method comprises the following steps: preparing components including, by weight, 30 parts of PET, 30 parts of extrusion-grade LLDPE, 30 parts of black carbon black and 10 parts of a compatibilizer; uniformly mixing the prepared components; and performing extrusion and granulation so as to obtain PET/LLDPE ferrous alloy extrusion-type color masterbatch. Or the method comprises the following steps: preparing components including, by weight, 40 parts of PET, 20 parts of injection-grade HDPE, 30 parts of black carbon black and 10 parts of a compatibilizer; uniformly mixing the prepared components; and performing extrusion and granulation so as to obtain PET/HDPE ferrous alloy injection-type color masterbatch.