The invention discloses a method for the treatment of waste emulsion, more particularly a method for the treatment of waste emulsion generated in the machining processes such as cutting, grinding and the like. The method comprises the following steps: separation of stored emulsion breakers, mechanical air flotation, ion-carbon electrolysis, coagulating sedimentation, oil separation with inclined plate, microorganism purification, sedimentation, sand filtering, etc.; the method has the advantages of simple technology and standard-reaching wastewater, and devices for the implementation of the method have small floor area, little investment, low running cost, low energy consumption, maximal recycling of waste oil resource and prominent operability and is widely suitable for machining and the treatment of waste emulsion in other industries. The waste oil recycled according to the method is completely capable of being used for the production of patented product, the protective grease, thus idealized application of resources is achieved.