The invention provides a sludge pyrolysis and carbon value reutilization co-treatment apparatus and method. The apparatus comprises a sludge storage bin, a straw storage bin, a ZnCl2 storage bin, a blending bin, a first spiral conveyer, a primary air dryer, a second spiral conveyer, a granulator, a belt conveyor, a secondary air dryer, a feed tube, a pyrolysis furnace, a condenser, an activation furnace, a sludge activated charcoal storage bin, a saturated washing tower, a first distribution valve, a gas-fired hot water boiler, a activated charcoal adsorption tower, a draught fan, a second distribution valve and a third distribution valve. By fully utilizing moisture and energy in the sludge and the reutilization property of the sludge, one part of organic matters in the sludge are converted into combustible gas and tar, and a large amount of moisture in the sludge is evaporated to activate a solid coke product, thus preparing activated charcoal. The combustion of the combustible gas and tar provides energy required for pyrolysis and activation processes; the redundant combustible gas is transferred into the gas-fired boiler for hot water production; and the prepared activated charcoal can be used for purifying waste gas and waste water produced in the treatment process, thus avoiding environmental pollution.