The invention relates to a recycling method of waste polyester/polyurethane blended fabric. Polyester/polyurethane blended textile waste is taken as a raw material, a styrene-maleic anhydride copolymer is added to the waste blended fabric, the mixture is subjected to granule pre-melting at 180-220 DEG C, and injection molding is performed after direct melt blending. Serious thermal degradation of the waste polyester/polyurethane blended fabric in a co-melting process is inhibited effectively, and high-quality blended regenerated melt with the modest cross-linked structure and reasonable phase distribution can be obtained, injection molding requirements can be met, and a regenerated plastic product has good dimensional stability, impact resistance and mechanical strength. The whole regeneration process has the significant advantages of simple technology, short flow, low cost and high efficiency.