The invention provides a rotary table type double-color injection mould with a decorative membrane and an injection molding process for the rotary table type double-color injection mould. A first punching female mould hot runner is arranged in a first punching female mould of the injection mould; a second punching female mould hot runner is arranged in a second punching female mould; a butt-joint sleeve of the first punching female mould hot runner is positioned at the outer side of a mould cavity of the first punching female mould; a butt-joint sleeve of each rotary table male mould hot runner is positioned at the outer side of a mould cavity of a corresponding rotary table female mould where the butt-joint sleeve of the rotary table male mould hot runner is located; a glue inlet sleeve of each rotary table male mould hot runner is opposite to the back surface of a mould core of the corresponding rotary table female mould where the glue inlet sleeve of the rotary table male mould hot runner is located; when the first punching female mould and one rotary table male mould are closed to carry out primary product punching; and the butt-joint sleeve of the first punching female mould hot runner is in butt-joint communication with the butt-joint sleeve of the rotary table male mould. The rotary table type double-color injection mould is simple in structure, and can enable a product to smoothly rotate along with a rotary table while an anti-sticking structure is not required to be additionally arranged; the side surface and the appearance surface of the product do not have pouring gate marks; meanwhile, a membrane positioning structure is not required to be arranged, so that the membrane is flatly fitted in the product, and therefore, the forming quality of the product is greatly improved, and the market competitiveness is improved.