The invention provides a shaft-like workpiece multi-operation composite processing machine tool, which comprises a machine tool body, a worktable, a headstock, a tailstock, a saddle, turning fixture, a milling device and an ultrasonic processing device, wherein the machine tool body is provided with two longitudinal guide rails, the saddle is arranged on the two longitudinal guide rails of the machine tool body, a screw feeding mechanism is arranged on the machine tool body, and the saddle is connected with the screw feeding mechanism; the worktable is arranged on the machine tool body and between the two longitudinal guide rails, and the headstock and the tailstock are arranged at two ends of the worktable respectively; and the turning fixture, the milling device and the ultrasonic processing device are all arranged on the saddle of the guide rails. In the invention, through one time of clamping, the three functions required for processing shaft-like workpieces, namely turning, milling and ultrasonic surface processing, can be completed, a milling or turning device can be used to meet the requirements on dimensional tolerance, shape tolerance and the like of parts, and the ultrasonic processing device can be used to complete reducing surface roughness of the parts.