The invention relates to the field of low-temperature ball milling, in particular to equipment and method for preparing nanocrystal powder through vibration type copious cooling ball milling. The equipment comprises a protective gas introduction pipeline, a liquid nitrogen introduction pipeline, a temperature feedback circuit, a pressure feedback circuit, a ball mill tank, a spring, an eccentric wheel, a spindle, a tank interior pressure and temperature control system, a driving motor, a liquid nitrogen and protective gas source and the like. The nanocrystal powder is prepared through the method combining the vibration type ball milling with liquid nitrogen refrigerating, according to the commercial aerosol powder, the raw material particle size is 5-50 microns, and the grain size is 0.5-5 microns. Different from existing planetary type or stirring type low-temperature ball milling equipment, vibrating squeezing and crushing as well as compacting are taken as the principal things of the ball milling principle of the equipment, the ball milling atmosphere can be controlled flexibly, and the nanocrystal powder which is controllable in particle size and appearance, intensive in particle size distribution and high in thermal stability is prepared in a short time by adjusting the ball milling parameters.