The invention provides medium and low temperature oil bath tempering equipment. The medium and low temperature oil bath tempering equipment comprises a furnace body, a vacuumizing protective atmosphere system, a hot oil circulation system and a cold oil circulation system. The vacuumizing protective atmosphere system comprises a tee joint gas pipe, a vacuum pump communicating with an inner cavityof the furnace body through the tee joint gas pipe, and a steel cylinder for storing inert gas, and the steel cylinder is connected with the tee joint gas pipe. The hot oil circulation system comprises a hot oil tank, a first hot oil pump, a heater and a hot oil circulation pipeline with the two ends communicating with the furnace body, and the hot oil tank, the first hot oil pump and the heater are sequentially connected with the hot oil circulation pipeline. The cold oil circulation system comprises a second hot oil pump, a cold oil tank and a cold oil circulation pipeline with the two endscommunicating with the furnace body, and the second hot oil pump and the cold oil tank are both connected with the cold oil circulation pipeline. Tempering oil is heated and subjected to heat preservation under a completely sealed condition, and aging caused by oxidation when the tempering oil makes contact with air is eliminated. Meanwhile, oil fumes are eliminated, and the higher tempering temperature is obtained. After tempering is finished, the hot oil circulation pipeline is closed, the cold oil circulation pipeline is opened, cold oil is injected into the furnace body, a workpiece is cooled through the cold oil, and the recycled cold oil flows back to the cold oil tank.