The invention discloses handheld drillable polishing, dust-removing and dust-falling equipment. The handheld drillable polishing, dust-removing and dust-falling equipment comprises a handheld shell, wherein a motor cavity is formed in the handheld shell, four water spraying shells distributed in an annular array mode are fixedly connected to the inner wall of the motor cavity, a motor is fixedly connected to the lower ends of the water spraying shells, and an output shaft is in power connection to the lower end of the motor; and a driving belt wheel is fixedly connected to the periphery of the output shaft, a driven belt wheel is arranged on the right side of the driving belt wheel, a transverse belt is connected between the driven belt wheel and the driving belt wheel, a vertical rotating shaft is fixedly connected to the upper end of the driven belt wheel, and a transverse support is rotationally connected to the periphery of the vertical rotating shaft. According to the equipment, polishing treatment can be performed near a drilled hole while drilling is performed, so that barbs are reduced, the equipment can also be used as a polishing machine, polished dust can be collected, water can be sprayed to perform dust falling on raised dust, the content of particulate matter in air is reduced, and the morbidity of respiratory diseases is reduced.