The invention relates to an electric arc additive and electric auxiliary ultrasonic impact reinforcing composite manufacturing method and device. The method is characterized in that an electric arc isused for melting a metal wire material; after the wire material is settled on a base sheet by one or more layers through a welding gun and a wire feeding mechanism, the base sheet and the settled layer are heated through a direct-current pulse power supply; and the temperature of the surface of the settled layer is acquired by a temperature sensor, and an ultrasonic impact device is used for carrying out ultrasonic impact on the surface of the settled layer when the temperature reaches a preset value. The device comprises the base sheet, a clamp, a workbench, the welding gun, the wire feedingmechanism, the temperature sensor, an ultrasonic generator, the ultrasonic impact device, an electrode, a wire, the direct-current pulse power supply and an insulating spacer. According to the method, pulse current auxiliary heating, ultrasonic impact reinforcing and an electric arc additive process are organically combined, the multi-field coupling effect of electricity, heat, sound and force isused for improving the forming precision of the settled layer and refining the grain size, so that the defects such as air holes and cracks and internal residual tensile stress generated in the electric arc additive process are eliminated, and the mechanical property of material is improved.