The invention relates to a production method of PVC (polyvinyl chloride) and NBR (nitrile-butadiene rubber) co-precipitate rubber, which comprises the steps of sequentially adding soft water, an emulsifier, a dispersing agent, a buffer agent, a molecular weight regulator, a crosslinking agent, acrylonitrile, methacrylic acid, an initiator, a deoxidant, butadiene and an activation phase to perform a polymerization reaction, and supplementing a regulator during the polymerization reaction; finally, adding a composite terminator to terminate the reaction to obtain NBR slurry; adding the NBR slurry, an anti-aging agent, a low-hardness trialkyl ammonium chloride solution with concentration of 1-2%, PVC emulsion, a high-hardness trialkyl ammonium chloride solution with concentration of 0.2-0.4% and a magnesium sulfate or calcium chloride solution into a condensation kettle for sufficient condensation, and then adding a composite separant for cooling to obtain powdery NBR slurry; finally, dehydrating and drying the NBR slurry. The production method provided by the invention has the advantages of simple technology, low cost, low energy consumption and high conversion rate; moreover, the PVC and NBR co-precipitate rubber provided by the invention has good toughness and cold resistance.