The invention provides slag specimen preparation equipment and a slag specimen preparation method, and belongs to the technical field of slag specimen preparation. The slag specimen preparation equipment comprises a machine frame, a crushing machine, a screen cloth device, an iron removing device, a slag specimen collection box and an iron powder collection box. The crushing machine is connected with the machine frame. The crushing machine is provided with a feeding inlet and a discharging outlet which communicate with each other. An opening of the feeding inlet faces upwards. An opening of the discharging outlet faces downwards. The screen cloth device is connected with the machine frame. An inlet of the screen cloth device corresponds to the discharging outlet. The iron removing device comprises a machine body, a conveying shell, a partition plate, a driving roller, a driven roller, a transmission belt, a magnetic block and a first driving motor. The machine body is connected with the machine frame. A slag specimen channel is formed in the conveying shell. An opening of the slag specimen collection box corresponds to a slag specimen outlet. An opening of the iron powder collection box corresponds to an iron powder outlet. According to the slag specimen preparation equipment, operation is conducted through the equipment, labor intensity is relieved, in addition, operation process is simple, impurities are not liable to be mixed, and thus the accuracy of assay data can be effectively improved.