The invention discloses a method of regenerating waste thermal transfer color bars and a device of regenerating the waste thermal transfer color bars. The device comprises a basilemma ink separation device and/or an ink coating device, and the device is mainly formed by a hot pressing body 1, a receptor 2, an ink collector 3, a heat-resistant rubber roller 4, a ceramic anilox roll 5, a receptor body attached scraper 6, an anilox roller scraper 7, a releasing-scrolling shaft 8, a collecting-scrolling shaft 9, a tensioning shaft 10, a tensioning shaft 11, a guide roll 12, a hold-down gear 13 and a hold-down gear 14. The regeneration method includes that the thermal transfer color bars pass between the hot pressing body and the receptor which are mutually contacted, the hot pressing body presses a color bar ink layer on the ink receptor entirely by a fixed pressure in a hot mode to achieve the separation of the basilemma from the ink, and the recycled ink is coated on the basilemma evenly through the ink coating device, so that a regenerated color bar is manufactured. The method and the device are simple, microminiaturized in a system, integrated in waste thermal transfer ribbon processing and regenerated thermal transfer ribbon manufacture, so that the complex problems of the waste thermal transfer ribbon collection, transportation, and storage is enabled to be simple, the method and the device are low in cost and easy to popularize.