The invention relates to a lathe tool, in particular to a lathe scrap iron cooling and collecting device. According to the device, the scrap iron generated on a lathe can be cooled firstly and then collected, the flow of the scrap iron during discharging can be adjusted, so that the scrap iron can be conveniently put into different containers to be recycled by people; and an outlet cover can be fastened, and the outlet cover can be prevented from loosening. According to the technical scheme, the middle position of a box body is fixedly connected with a middle partition plate, the middle partition plate divides the interior of the box body into two parts, namely a cooling groove at the left end and a collecting groove at the right end, a semicircular cylinder is fixedly connected to the left end of the upper end of the middle partition plate, the lower end of the semicircular cylinder is opened, an inserting plate is connected to the upper end of the middle partition plate in a slidingmode, the inserting plate is attached to the lower end of the semicircular cylinder, the upper end of the middle partition plate is connected with a first fastening screw through threads, the first fastening screw abuts against the front end of the inserting plate, an inclined bottom surface is arranged at the left end of the lower end of the collecting groove, and an outlet is formed in the rightend of the lower end of the collecting groove.