The invention discloses a method for continuously preparing sodium carboxymethylcellulose (CMC)/graphene oxide (GO) compound hydrogel microspheres with pollutant adsorption and drug sustained release functions. According to the method, a certain proportion of CMC, GO and citric acid (CA, a crosslinking agent) are dispersed into deionized water by virtue of solution blending, and CMC/GO compound microspheres are prepared by virtue of a spray drying method. The prepared compound microspheres have good swelling property and are capable of adsorbing organic dyestuffs and heavy metal ions in industrial wastewater, and the maximum adsorbing capacities are respectively 66mg/g(Eosin Y) and 120mg/g(Cr<6+>). Meanwhile, the compound microspheres can be used as a sustained release drug carrier. The CMC/GO compound hydrogel microspheres are prepared by virtue of spray drying, so that the process is simple; the method is applicable to large-scale industrial production and has good market application prospect in aspects of wide spectrum type adsorbents and sustained release drug carriers.