The invention discloses a device and method for setting the rolling reduction and the rolling speed of each rack in cold continuous rolling and belongs to the field of automatic control, information technology and advanced manufacturing. The device for setting the rolling reduction and the rolling speed of each rack in cold continuous rolling comprises an initial reduction rate generator, a power balance calculator, an energy consumption calculator, a constraint generator, a crude regulation updater, a constraint non-dominated sequencer, a fine regulation updater, a reduction rate selector, a reduction rate updater, a filter and a final rolling reduction and rolling speed generator. The device and method for setting the rolling reduction and the rolling speed of each rack in cold continuous rolling can calculate the rolling reduction and the rolling speed of each various rack for rolling band steel with different specifications under the condition of empirical data missing and reduce rolling energy consumption to the maximum under the premise of guaranteeing load equalization of each rack, have great significance for energy conservation and emission reduction in the process of rolling the band steel and have broad application prospects at the same time.