The invention discloses low-cost and high-efficiency integrated milling and drilling equipment for a hot-rolled steel rail. The equipment comprises a portal frame rail pressing positioning mechanism,a head milling mechanism and a group drilling mechanism; the head milling mechanism and the group drilling mechanism are arranged on two sides of the portal frame rail pressing positioning mechanism respectively; and the hot-rolled steel rail longitudinally penetrates through the portal frame rail pressing positioning mechanism. The equipment can be mounted on a steel rail production line, the whole hot-rolled steel rail reaches the milling and drilling station from a feeding roller bed, and three pressing devices tightly press the steel rail from the middle and the two sides of the cutting part simultaneously, so that even if the steel rail is cut off by the aid of a disc milling cutter currently, the steel rail can be prevented from affecting drilling due to loosening; a bottom plate ofthe steel rail is abutted against the positioning surface by the aid of two lateral pressing devices, so that the perpendicularity of the cut surface and holes to the steel rail is guaranteed; and connecting holes in the two steel rail ends are machined while the steel rail is cut off. According to the different steel rail types or the non-standard-hole rails, the requirements for different hole positions and hole diameters are met through adjustment of the group drilling axis distance and the drill bit diameter.