The invention relates to a waste oil and water conveying device for a compressed air station, which comprises a storage container. Two ends of the storage container are respectively provided with an oil inlet and an oil outlet; the top of the storage container is also provided with a compressed air inlet and a liquidometer mounting interface; the bottom of the storage container is provided with a drain outlet; the oil inlet is provided with a first electrically operated valve; the oil outlet is provided with a second electrically operated valve; the compressed air inlet is provided with a third electrically operated valve; the a liquidometer is arranged at the liquidometer mounting interface; the drain outlet is provided with a fourth electrically operated valve; the first electrically operated valve, the second electrically operated valve, the third electrically operated valve, and the liquidometer are controlled by a centralized control system; and the first electrically operated valve is normally open, the second electrically operated valve is normally closed, the fourth electrically operated valve is normally closed, and the third electrically operated valve is normally closed. The waste oil and water conveying device has the advantages of simple structure, convenient operation and light environmental pollution, and conveys pressureless waste oil and water to higher positions by utilizing the kinetic energy of compressed air.