The invention discloses a method for recycling and processing waste powder of a powder coating into a solvent type coating. The method is characterized by comprising the following steps: collecting the waste powder of the powder coating and classifying; screening, removing the impurities, drying and airing (if the waste powder is affected by dampness); weighing special solvents and special additives according to the proportion, and stirring and dispersing; mixing 60 percent of waste powder and 40 percent of solvents with the additives, dispersing to reach a specified fineness under constant temperature and constant pressure, and grinding to reach the regular fineness by using a grinding machine if the specified fineness does not reach; adding color paste to regulate; regulating by using color paste formed by grinding resins and pigments and regulating the velocity by using methylbenzene and xylene; filtering and packing; adding a proper amount of polyurethane curing agent and mixing with the coating; brush-coating, spray-coating and rolling-coating. According to the method, the outdoor and indoor waste powder is renewedly processed into the solvent type coating through special materials, solvents and techniques; because the raw material contains epoxy resins, polyester resins and the like with high performance, the prepared coating is extremely-high in corrosion resistant performance and relatively high in surface decoration performance; moreover, the cost is only half of an ordinary similar series product, so that the cost is greatly reduced.