The invention discloses a rotating tool magazine and a using method thereof. The rotating tool magazine comprises a supporting device, a rotating device and a control device, the supporting device isprovided with a top plate, a bottom plate and a supporting frame, and a protective cavity is formed by the top plate, the bottom plate and the supporting frame; the rotating device comprises at leasttwo rotating discs, a rotating shaft and a rotating machine, the rotating shaft is arranged in the middles of the rotating discs and connected with the rotating machine, the rotating discs are coaxially arranged, and the rotating discs are provided with a plurality of placing ports which are evenly formed in the rotating discs; and the control device comprises reader-writers and a processor, the reader-writers are connected with the processor, located in the protective cavity and opposite to the rotating discs, and the number of the reader-writers corresponds to that of the rotating discs. Therotating tool magazine can solve the problems of long tool getting time, influence to the production efficiency, low operation efficiency, missing providing or wrong-providing of tools, no timely feedback when a tool magazine is lack of the tools, large tool management difficulty and the like in the managing process of the tool magazine.