The invention discloses a method and equipment for preparing red yeast rice. The method comprises the following steps of rice pretreatment, cooking, cooling, inoculating, fermenting and drying. The red yeast rice prepared by the method is high in purity; moreover, production cost is low; and the red yeast rice can be produced on a large scale once. Preparation equipment adopted by the method for preparing the red yeast rice comprises red yeast rice inoculating equipment, a fermenting room and a drying device; a red yeast rice preparation process is completed by mechanical equipment, so that the degree of automation is high; and moreover, the method is high in continuity, is simple and easy in process flow, and can effectively improve read yeast rice inoculating production efficiency and read yeast rice inoculating quality.