A hydrogen generating device includes a first housing, a porous structure, a first flow-guiding structure and a heating unit. The first housing accommodates a solid reactant. The porous structure is disposed in the first housing. The first flow-guiding structure has first and second end portions opposite to each other. The first end portion is connected to the porous structure. The second end portion protrudes outside the first housing and is connected to the heating unit. A liquid reactant passing through the second end portion is gasified into a gaseous reactant through the heating unit. The gaseous reactant passing through the first end portion reaches to the porous structure and then is diffused from the porous structure into the first housing, so that the gaseous reactant and the solid reactant react and generate a hydrogen gas. A power generating equipment including the hydrogen generating device is also provided.