The invention discloses precise machining equipment and method for metal parts, wherein the equipment comprises a workpiece fixing device, a detection module, a machining control and disposal module and a machining execution device; and the method comprises the following steps: machining a metal workpiece according to current machining parameters; obtaining the axial vibration parameters and the radial vibration parameters of the metal workpiece; obtaining the size parameters and the defect parameters of the metal workpiece; carrying out fusion calculation on the axial vibration parameters, the radial vibration parameters, the size parameters, the defect parameters and the current machining parameters to obtain machining correcting data; correcting the current machining parameters according to the machining correcting data to obtain new machining parameters; taking the new machining parameters as the current machining parameters; and repeating the steps until the metal workpiece reaches preset machining effect, otherwise, stopping machining. The equipment and method can realize the closed-loop machining process of machining, measuring, error correction and machining, and can increase the machining precision of metal parts.