The invention discloses production equipment for waste and old mulching film granules. The production equipment comprises a shredding machine, a conveying belt I, a roll separation machine, a conveying belt II, a crusher, a high-speed frictional cleaning device, a primary bleaching device, a conveying auger, a secondary bleaching device, an extruding and drying machine, a dispersing machine, a fan, a heating bag, a suctioning fan, a drying pipeline, and a storage bin, wherein one end of the shredding machine is connected with the conveying belt I; the other end of the conveying belt I is connected with the roller separation machine which is connected with the crusher by the conveying belt II; the primary bleaching device is arranged at the rear side of the high-speed frictional cleaning device and is connected with the secondary bleaching device which is connected with the extruding and drying machine; the lower side of the extruding and drying machine is connected on the dispersing machine; the secondary bleaching device and the dispersing machine are connected with the fan and the heating bag; and the suctioning fan and the drying pipeline are connected between the dispersing machine and the storage bin. A preparation process comprises the following steps: cleaning, frictional cleaning, bleaching, extruding and drying, dispersing, drying, aggregating the granules, plasticized filtering, cutting into the granules, dewatering and bagging.