The invention relates to a corrugated steel web formation device, and discloses a bending and compression combination-type corrugated steel web formation device, which comprises a punching mechanism and a bearing mechanism which is arranged below the punching mechanism, wherein the punching mechanism is provided with a compression bracket and two bending brackets which are arranged at the left and the right sides of the compression bracket, the compression bracket is provided with a force application projection, a male mould is embedded on the force application projection, the bearing mechanism comprises a lower mould frame and a female mould which is arranged on the lower mould frame, the lower mould frame is provided with a bearing groove which is matched with the female mould, the female mould is embedded inside the bearing groove, a steel web to be processed is arranged between the punching mechanism and the bearing mechanism, and the lower bottom part of the bending mechanism is provided with an arc wing plate. The device integrates the compression and the bending. Less than two points on a uniform cross section are stressed when forming the steel web, so the crackles which are formed because the formation surface is easy to be stretched and become thin can be prevented; and moreover, the formation power is small, and the rebound difference is small.