The invention relates to a devolatilization method and equipment of thermoplastic elastomers. Water colloidal particles after the vibration dehydration are directly fed in a conical centrifugal dryer of a primary drying station for devolatilizing; dry colloidal particles after the devolatilization are fed in a pelletizing station, are pelletized by a screw extruder, and are fed in a conical centrifugal dryer of a secondary drying station for further drying; the drying hot wind temperature is 40-120 DEG C, and the wind volume is 10-600 L/s; the extruding temperature of the screw extruder is 100-200 DEG C, and the extruding pressure is 1-10 MPa; screen holes are formed in the screen surface of the conical centrifugal dryer for drying; small screen ports are connected with a driving bearing, and large screen ports are connected with a driven bearing; the driving bearing is driven through power equipment to rotate; and the conical centrifugal dryers are additionally provided with hot wind pipes, exhaust ports, cleaning ports and liquid level tanks. The method has such advantages as short technological process, less equipment floor, thorough devolatilization, stable index control, low content of product gels and large bulk density.