The invention discloses an arrangement and conveying device of water meter character wheels. The arrangement and conveying device comprises a material falling channel, a transition shaft used for stringing the multiple character wheels, an ejector column used for pushing the character wheels in the material falling channel to the transition shaft, a pushing air cylinder used for driving the ejector column, a thrust block used for limiting the final positions of the character wheels on the transition shaft and a shaft drawing air cylinder used for drawing out the transition shaft. The transition shaft penetrates a via hole of the thrust block to be connected with a moving portion of the shaft drawing air cylinder. The device further comprises an assembly arm, wherein the assembly arm is used for grabbing the character wheels strung on the transition shaft and conveying the character wheels into a character wheel bin shell located at the assembly station. By means of the device, the function that the multiple stages of character wheels automatically adjoin to each other into a row and are mounted in the character wheel bin shell with an upward opening at the assembly station is achieved.