The invention discloses a tool changing device of five-axle linkage numerical control drilling and riveting equipment. The tool changing device comprises a riveting mold magazine, a first servo motor, a tool changing arm component and a second servo motor, wherein the riveting mold magazine is mounted on a tool magazine bracket; a riveting mold magazine rotating disc capable of rotating is arranged in the riveting mold magazine; multiple riveting molds are put in the riveting mold magazine rotating disc; the first servo motor is used for driving the riveting mold magazine rotating disc to rotate; the tool changing arm component is rotationally matched on the tool magazine bracket, and is used for changing tools; the tool changing arm component is provided with a tool jaw component for clamping the riveting molds; and the second servo motor is used for driving the tool changing arm component to rotate. The tool changing device is compact in structure and convenient for control, can realize tool clamping and placement through the tool jaw component, and is simple in adjustment and high in efficiency.