The invention discloses a high-efficiency low-temperature wheat squeezing-cutting smashing milling process which comprises a shelling process, a sizing process, a reduction process, a tail grinding process and a purifying process. In the shelling process, four times of shelling are carried out, in the sizing process, two times of sizing are carried out, and in the reduction process, four times of reduction are carried out; a high-speed squeezing-cutting smashing machine is adopted for the third shelling, a minimum gap between a rotor pin and a stator pin of the high-speed squeezing-cutting smashing machine is 0.3 to 1mm, and a linear speed of the rotor pin on the outermost circle is 30m/s to 70m/s; the high-speed squeezing-cutting smashing machine adopted in the third shelling machines coarse bran flake produced in the second shelling. The invention further discloses a milling device using the high-efficiency low-temperature wheat squeezing-cutting smashing milling process. According to the invention, the milling process is redesigned; the third shelling, the fourth shelling and the first sizing adopt the high-speed squeezing-cutting smashing machine; a reduction system adopts a water-cooling high-speed squeezing-cutting smashing machine; germ extraction is carried out in the second sizing, so that a germ extraction rate of a production line is improved by at least twice, flour accuracy and a total flour extraction rate are improved, investment of the production line is greatly reduced, and original fragrance of the wheat is kept.