The embodiment of the invention discloses an application key generation method and a cipher machine equipment assembly, and the method comprises the steps that administrator cipher equipment generatesa first seed code and a second seed code, and sends the first seed code to cipher machine equipment; the administrator password device generates a shared key based on the first seed code according toa first rule, generates a ciphertext of a second seed code based on the shared key and the second seed code, and sends the generated ciphertext of the second seed code to the password machine device;and the cipher machine device generates a shared key based on the first seed code according to the first rule, obtains a second seed code based on the shared key and the ciphertext of the second seedcode, and generates an application key based on the second seed code. The method provided by the embodiment of the invention provides a convenient, fast, safe and reliable application key managementscheme.