The invention relates to the technical field of virtual reality and augmented reality and provides an AR technology-based low cost virtual reality rendering apparatus and method. The apparatus comprises rendering identification codes which include a first level identification code and a second level identification code, content of the first level identification code after pasting picture rendering operation and content of the second level identification code after pasting picture rendering operation cover a scene layer by layer in an identification order, and the first level identification code is subjected to identification rendering operation before the second level identification code is subjected to the identification rendering operation. Via use of the AR technology-based low cost virtual reality rendering apparatus and method, rendering identification codes can be rendered through pasting pictures, the pasting pictures can directly cove a captured reality scene, a needed scene can be obtained without 3D modeling operation on a house, tracking feedback of user positions is not needed, and a large amount of sensor device fee can be saved; the AR technology-based low cost virtual reality rendering apparatus and method are low in cost, strong in universality and wide in application scenes.