The invention discloses a rice processing method and equipment, and belongs to the technical field of rice processing. The processing method comprises the steps of raw grain processing, rice hulling,husked rice separation, thickness grading, rice milling, color sorting, polishing, rice grading and magnetic separation, and finished product packaging. A rice grading and magnetic separation integrated machine comprises a shell, a driving mechanism, a first filter cylinder, a second filter cylinder and a lantern ring. The first filter cylinder, the lantern ring and the second filter cylinder arein butt joint in sequence to form a roller for screening rice. The roller is obliquely arranged, an inlet pipe is arranged at the high end of the roller, and an extension pipe is arranged at the low end of the roller. The bottom of the shell is provided with a broken rice outlet, the driving mechanism is used for driving the first filter cylinder and the second filter cylinder to rotate around thecentral axes of the first and second filter cylinders respectively, and magnet pieces are arranged in the first filter cylinder. The process is simple, the equipment cost is low, the processing costis reduced, and after scrap iron in the rice is removed, the rice quality can be effectively improved.