A vacuum induction melting and strip casting equipment for rare earth permanent magnetic alloy includes a vacuum induction melting and strip casting chamber, a material receiving heat preservation treatment chamber, a cooling chamber and an isolation valve. The isolation valve is located between the material receiving heat preservation treatment chamber and the cooling chamber, the vacuum induction melting and strip casting chamber is located above the material receiving heat preservation treatment chamber, an outlet of a material guiding tube of the vacuum induction melting and strip casting chamber is corresponding to the material receiving heat preservation treatment chamber. Water-cooled electrodes, a vacuum pumping device, an inert gas introduction pipeline, a temperature measurement mechanism, a pressure gauge, a vacuum gauge and a safety valve are provided on the vacuum induction melting and strip casting chamber. The present invention improves the production efficiency and has high production performance and good consistence.