The invention discloses a blade and a method for processing a special screw thread of an oil sleeve pipe. The blade and the method for processing the special screw thread of the oil sleeve pipe relate to the technical field of processing and manufacturing. The blade comprises a screw thread body turning tool and a screw thread outline turning tool; outline shapes of cutting edges of the screw thread body turning tool and outline shapes of cutting edges of the screw thread outline turning tool are the same; the outline shapes of the cutting edges of the screw thread outline turning tool are matched with a thread form outline line of the target special screw thread. The method comprises the steps of using the screw thread body turning tool to turn a thread form main body part of the target special screw thread; using the screw thread outline turning tool to turn a thread form outline of the target special screw thread at a time. The blade and the method for processing the special screw thread of the oil sleeve pipe provided by the invention solve the problems of quick cutting-tool wearing, low processing efficiency and poor turned screw thread precision during the existing processing of the special screw thread of the oil sleeve pipe.