The invention discloses a paper currency scanning identification method and apparatus, an ATM (Automatic Teller Machine) and a storage medium. The paper currency scanning identification method includes the steps: when determining that the paper currency to be identified is transmitted to an image acquisition area, according to the identification characteristics of at least one identification pattern in the current identification surface of the paper currency to be identified, acquiring the paper currency acquisition images, of the paper currency to be identified, under at least one illumination type, by means of a matched illumination strategy, wherein the identification characteristics of the identification pattern include the position of the identification pattern in the paper currency to be identified and the ideal illumination type of the identification pattern; and according to the paper currency acquisition images under at least one illumination type, identifying the paper currency to be identified. The paper currency scanning identification method can reduce the image information content of the paper currency images under different spectrums so as to improve the paper currency identification speed of the paper currency identification module according to the identification characteristics of each identification pattern in the paper currency.