The invention belongs to the technical field of textile printing and dyeing, and particularly relates to a fabric with high non-ironing property, high whiteness and high color fastness and a processing method of the fabric. The processing method comprises the processing flow as follows: fabric preparation, singeing, desizing and boiling, special bleaching, bleaching, mercerizing, treating with liquid ammonia, whitening and washing, pre-softening, pre-shrinking, moisture crosslinking, moisture crosslinking and washing, re-bleaching, tentering and color light modulating and packaging; in the special bleaching process: NaClO2 and CH3COOH are used, temperature of a steamer is 90 DEG C, and piling time is 30 min; in the bleaching process: a penetrant, a chelating agent, a stabilizer, H2O2 and NaOH are used, and piling time is 15-16 min. The CIE value of whiteness under a D65 light source can reach 165 or higher, the whiteness reduction amplitude after 30 times of washing is within 5, and non-ironing performance reaches 3.5 or higher in American AATCC 124-2010 standard.