Provided a combined uninstalling tool and method for a generator stator bar leads binding thimble. The combined uninstalling tool comprises a top leads binding thimble uninstaller for uninstalling a top leads binding thimble, and a bottom leads binding thimble uninstaller for uninstalling a bottom leads binding thimble. The top leads binding thimble uninstaller comprises a top guiding shaft. A top hammering platform is fixed to the top end portion of the top guiding shaft. A top clamping groove operating head is fixed to the bottom end portion of the top guiding shaft. A top clamping groove is arranged on the center of the bottom of the top clamping groove operating head. A top motion arm hammer sleeves the top guiding shaft and is capable of moving up and down in the top guiding shaft. A bottom motion arm hammer sleeves a bottom guiding shaft and is capable of moving up and down in the bottom guiding shaft. A bottom handle is fixed to the side end of a bottom hammering platform. The combined uninstalling tool is simple in structure, easy to use and operate, capable of effectively preventing body scald and stator bar damage and deformation, greatly shortening an overhaul period, and improving uninstalling work efficiency.