Disclosed is a wheel blank positioning lip correction device, comprising a frame, a gear rack structure, a guide rail I, a clamping system support plate, a servo motor I, a left slide plate, a clamping cylinder, a rotating shaft, rotating wheels, an end mill, guide posts, a servo motor II, an inner slide block, a guide rail II, a feeding slide plate, a linear motor II, a linear motor I, a servo motor III, a shaft, a grinding wheel, an outer slide block, a guide rail III, a linear motor III, a lifting table, a right slide plate, a lifting guide rail, a motor support plate and a lifting linear motor.