The invention is applicable to the technical field of microwave communication, and provides a microwave QPSK modulation circuit and electronic equipment, and the circuit comprises a carrier power division module which is used for receiving an initial carrier signal and generating a first carrier signal and a second carrier signal according to the initial carrier signal; a first modulation module which is used for receiving a first data signal and modulating the first data signal and the first carrier signal to generate a first modulation signal; a second modulation module which is used for receiving a second data signal and modulating the second data signal and the second carrier signal to generate a second modulation signal; and a modulation power division module which is used for generating a QPSK modulation signal according to the first modulation signal and the second modulation signal. According to the microwave QPSK modulation circuit and the electronic equipment provided by theembodiment of the invention, the modulation mode that the existing modulation circuit can only modulate the intermediate frequency band is changed, the circuit structure is simplified, and the modulation rate is greatly improved.