The invention discloses a process for co-producing crystalline fructose and F55 fructose corn syrup by taking wheat as a raw material and belongs to the technical field of starch sugar. The process comprises the following steps: grinding the wheat used as the raw material into powder, producing wheat starch by adopting a three-phase horizontal decanter production process, adding a compound enzymic preparation containing lipase into size mixing water to produce by-products such as wheat starch, vital gluten, pentosan and B starch, returning the B starch separated by a three-phase horizontal decanter to a starch finished product tank, subsequently mixing the B starch with A starch and performing a process of producing sugar; acquiring crystalline fructose by mixed wheat starch milk through processes of liquefying, recycling protein, saccharifying, efficiently isomerizing, separating chromatograph, concentrating, crystallizing and drying; and circularly crystallizing mother liquor for a certain number of times, and then compounding the mother liquor with F42 fructose corn syrup acquired by isomerizing to acquire an F55 fructose corn syrup product. By utilizing the preparation method, the problems of high material liquid viscosity, low product yield and poor quality caused by the process of producing starch by taking the wheat as the raw material and sugaring the wheat starch are solved, and the yield and purity of the product are effectively improved.