The invention discloses a machining method of a shell assembly. The machining method comprises the steps that a shell base body and an embedded part base body are provided, a spraying face and a hole are formed on the shell base body, the hole is provided with an opening end close to the spraying face, the embedded part base body is provided with an elastic part, the embedded part base body is installed into the hole, the elastic body is contained in the hole and completely seal the gap between the circumferential wall of the opening end and the embedded part base body, and the spraying face and the embedded part base body are sprayed with paint through a same spraying method. The invention further provides the shell assembly and terminal equipment. The shell assembly is machined through the machining method. The terminal equipment comprises a display screen and further comprises the shell assembly. The display screen is installed on the shell. By means of the scheme, the problem of poor assembly caused by oil accumulation in the shell hole is solved.