The invention relates to screening and magnetic sorting separating technologies for oil-containing grinding metal powder, in particular to a screening and magnetic sorting separating machine for oil-containing grinding metal powder. The machine comprises a screen, a screen host square steel frame, an undersize collecting tank, a frequency-modulating motor, an undersize collecting and stirring pot, an oversize collecting and stirring pot and a full counterflow magnetic sorting machine, wherein the undersize collecting tank is arranged at the lower portion of the screen host square steel frame; the undersize collecting and stirring pot is arranged on one side of the undersize collecting tank; the frequency-modulating motor is arranged on the motor, and the oversize collecting and stirring pot is arranged at the feeding end of the screen; the undersize collecting and stirring pot is connected with the full counterflow magnetic sorting machine. Based on the principle that emery powder has no magnetism while grinding metal powder has magnetism, and due to combination of a wet rotary screen and the full counterflow magnetic sorting machine, automatic screening and magnetic sorting are achieved, and the content of emery in the oil-containing grinding metal powder can be reduced to 0.5%. Automatic screening and magnetic sorting are achieved, and manual cleaning is not needed by means of a screen cleaning sprayer set.