The invention discloses a coaxial double rod ejection type elliptical-incomplete non-circular and circular gear planetary system seedling slinging mechanism. The mechanism comprises a planet carrier, wherein a central incomplete non-circular gear, a central incomplete circular gear, a first middle elliptical gear, a first middle incomplete circular gear, a second middle elliptical gear, a second middle incomplete circular gear, a first planet elliptical gear, a second planet elliptical gear and two seedling slinging transplanting arms are supported on the planet carrier; each of the seedling slinging transplanting arms comprises a transplanting arm housing, a hollow loop bar is slidably arranged in the transplanting arm housing, and a solid push rod is slidably arranged in the hollow loop bar; a first limiting plate, a second limiting plate and an opening and closing mechanism are arranged on the hollow loop bar; and a double outline cam, a shifting fork and a trigger are hinged in the transplanting arm housing. By adopting a layout plan of the two transplanting arms, planet carrier rotates once to fetch the seedlings and eject twice, so that the work efficiency is high; and the mechanism can be suitable for seedling slinging operations of a seedling slinging machine in a paddy field and a dry land at any rotating speeds.