The invention discloses an efficient dust suction and leveling wall planing machine for renovating an old wall. The efficient dust suction and leveling wall planing machine comprises a wall planing device and a dust suction device which are arranged in a shell (24). The wall planing device comprises a rotary shaft (5), and a three-blade coil knife (6) and a master synchronous pulley (7) are arranged on the rotary shaft (5). The dust suction device comprises a coil fan (2) driven by a large motor (8). A slave synchronous pulley (14) is arranged at one end of a transmission shaft of the coil fan (2). The master synchronous pulley (7) and the slave synchronous pulley (14) are connected through a synchronous belt (22). The shell (24) is provided with an opening opposite to the three-blade coil knife (6).