The invention relates to the technical field of banknote recognition and provides a banknote recognition method and device, terminal equipment and a storage medium. The banknote recognition method includes: acquiring a gray-scale value image of a to-be-recognized banknote; intercepting a target position area where Omron ring patterns are positioned in the gray-scale value image; binarizing the target position area; acquiring a connected domain in the target position area after being binarized; determining a target connected domain meeting preset conditions in the connected domain; counting thenumber of concentric connected domains in the target connected domain; judging whether the to-be-recognized banknote is a normal banknote or not according to the number of the concentric connected domains. Considering that Omron rings of normal banknotes have concentric characteristics, the to-be-recognized banknote is recognized by judging whether Omron rings are concentric or not after the Omron rings of the to-be-recognized banknote are acquired, so that the banknote recognition method is simple and convenient to implement and high in recognition accuracy.