The invention discloses a TCAM-based data stream identification processing device and relates to the technical field of data stream identification. The device comprises a KEY combination module, a TCAM search module, a search result judging module and a result processing module. The device adopts a flexible KEY combination way to extract information fields from to-be-identified data streams and combine the information fields to various KEYs flexibly, uses the combined KEYs to search TCAM entries, carries out independent judgment or cascade judgment on a search result to obtain an index of the TCAM entry corresponding to each KEY, obtains a processing behavior corresponding to each index according to the indexes of the TCAM entries, judges the priority of the processing behaviors corresponding to all KEYs of the to-be-identified data streams and outputs the processing behavior with the highest priority. Through adoption of the invention, the KEYs can be combined flexibly and the utilization rate of TCAM resources is improved. The invention discloses a TCAM-based data stream identification processing method.