The invention relates to a technology of resourceful treatment of cold rolling oil sludge and recovery of iron powder. Equipment adopted for the technology of resourceful treatment of the cold rollingoil sludge and recovery of the iron powder comprises a first magnetic filter, a centrifugal machine, a cleaning groove, a second magnetic filter and a dryer which are sequentially connected, the technology of resourceful treatment of the cold rolling oil sludge and recovery of the iron powder is as follows: the oil sludge which is generated by filtering cold rolling strip steel cleaning segment alkali liquid or emulsified liquid by the first magnetic filter is conveyed to the centrifugal machine, low-density oil water subjected to centrifugal treatment enters a wastewater treatment center, the high-density oil sludge enters the cleaning groove, and the iron powder in the oil sludge cleaned by the cleaning groove is recovered by the second magnetic filter, and is dried by the dryer to obtain the iron powder. According to the technology of resourceful treatment of the cold rolling oil sludge and recovery of the iron powder, a large amount of iron-containing oil sludge which is generatedin cold rolling strip steel rolling and cleaning processes is used as a treatment object, oil sludge reduction is achieved, and the high-value-added iron powder can be extracted at the same time. Thetechnology process is simple, cleaning segment cleaning liquid can be directly adopted as a cleaning medium, and no additional wastewater treatment units are added.