The invention discloses a emulsified oil waste water processing method, comprises five steps such as separating oil and emulsion breaking, adding easy degrading material, deoiling by codegradation membrane biological method and mud processing, the invention combines codegradation mechanism with the application of a membrane bioreactor based on biological treatment of oily wastewater, has strengthened ability of biological processing oil contamination, has broken through the inhibition of oil for microorganism. The invention also discloses a emulsified oil waste water processing device, comprises a separating equalizing tank, a emulsion breaking tank, a middle tank and a membrane biological reaction tank connected successively, the produced mud is sent in a mud storing tank, a hydroextractor successively, a demulsifier feeding apparatus is arranged out of the emulsion breaking tank, a nutrient salt feeding apparatus is arranged out of the middle tank. The device requires widely for influent oil concentration of the bioreactor, COD concentration, has strong degradation ability to contaminant, processed effluent can reach the standard, produces a little mud and a little secondary pollution, has simple device technological process and saves investment and operating costs.