The invention discloses a dyeing and finishing process of a wool and tencel blended fabric. The dyeing and finishing process sequentially comprises the following steps of grey cloth inspection, seam turning, singeing, desizing and scouring, bleaching, drying, rolling, spraying, rolling and dyeing, loose type drying, softening finishing, air washing, tentering, preshrinking, fulling, fluffing, shearing, tank steaming, inspection and finishing and finished product obtaining. According to the tencel and wool blended fabric, in the dyeing process, an auxiliary mixed solution containing a levelingagent and a retarding agent is sprayed, an auxiliary makes contact with gray fabric firstly, then dye makes contact with the gray fabric for dyeing, and the auxiliary is separated from the dye, so that the dyeing rate between tencel fibers and wool fibers is close, and the leveling property of the fabric is improved. By adopting a dye infiltration winding dyeing method and a winding fixation method, the gray fabric does not need to be completely soaked in a dye vat, the bath ratio of dyeing and fixation is reduced, and the liquid absorption amount and the liquid absorption time of tencel are reduced, so that the dyeing rate between the tencel fibers and the wool fibers further tends to be the same, and the level dyeing property of the fabric is further improved.