The invention discloses handheld high-speed electric arc machining equipment and method, and belongs to the field of non-traditional machining equipment. The handheld high-speed electric arc machining equipment comprises a shell, a motor, a coupler, a spindle, a connection flange, an amplitude transformer, a protection cover, an electric brush, a conductive grinding wheel, a handle, an ultrasonic generator and an electric arc machining control power supply. The motor drives the spindle to rotate via the coupler. The amplitude transformer penetrates through the lower end of the shell and is fixedly connected with the conductive grinding wheel in an insulation manner. The spindle drives the amplitude transformer to rotate via the connection flange. Amplitude and vibrating frequency of the amplitude transformer are adjusted via the ultrasonic generator. The conductive grinding wheel is connected with a cathode of the electric arc machining control power supply via the electric brush. Three machining modes including high-speed electric arc machining, ultrasonic vibrating and grinding are combined, and by means of combining the machining modes, and a material removal rate of the handheld high-speed electric arc machining equipment can reach 6-8 times of that of normal electrosparking, and even more than 10 times for parts of materials, so that the handheld high-speed electric arc machining equipment is quite applicable to onsite repairing and machining for surface fatigue layers of parts of large and non-movable waste machines.