The invention discloses an integrated processing machine tool for milling, grinding and measuring ring-shaped workpieces, which comprises a machine tool base, a Z-axis mounting support, an X-axis mounting panel, an X-axis moving device, a Z-axis moving device, a B-axis rotating table, and a milling and grinding operation System, measuring mechanism, worktable and Y-axis moving device; the Z-axis mounting support is fixed on the machine base, the Z-axis moving device is fixed on the Z-axis mounting support, the X-axis mounting panel is fixed on the Z-axis moving device and Drive it to move up and down along the Z-axis direction through the Z-axis moving device, the X-axis moving device is fixed on the X-axis installation panel, and the B-axis rotating table is fixed on the X-axis moving device and driven by the X-axis moving device to move left and right along the X-axis direction Mobile, the milling and grinding operation system is fixed on the B-axis rotary table, the measuring mechanism is fixed on the end of the milling and grinding operation system, the worktable is fixed on the Y-axis moving device and driven by the Y-axis moving device to move back and forth along the Y-axis direction, Y The axis moving device is fixed on the base of the machine tool. The invention also discloses a control method of a milling, grinding and measuring integrated processing machine tool for an annular workpiece.