The invention discloses a production device for co-producing isopropyl alcohol and diisopropyl ether by a propylene hydration method. The production device comprises an industrial water feed tank and a propylene feed tank, outlet ends of the industrial water feed tank and the propylene feed tank are connected with a first pretreatment tank and a second pretreatment tank, outlet ends of the first pretreatment tank and the second pretreatment tank are connected with the same reactor, an outlet end of the reactor is connected with a depropenizing column, a drying and dehydrating column, a batch distillation column, an azeotropic distillation column and an isopropyl alcohol collection tank which are sequentially communicated, and an outlet end of the azeotropic distillation column is connected with a flash column, a refining column, a water washing column and a re-refining column which are sequentially connected. The production device is simple in structure, convenient to operate and high in production efficiency, waste materials are effectively collected and reused, resources are saved, use cost is reduced, and popularization is facilitated.