The invention relates to a peeling device, in particular to a water chestnut edible processing and peeling device. The technical problem is how to design the water chestnut edible processing and peeling device which can remove the peels of water chestnuts instead of manual work, prevents the hands from being cut by a cutter and is high in working efficiency. The water chestnut edible processing and peeling device comprises a handle, blades, a limiting block and an annular cutter, wherein a cavity is formed in the middle of the left side surface of the handle; the blades capable of taking out the peels of the water chestnuts are fixedly connected to the middles of the top and the bottom in the cavity; discharging holes capable of discharging the peels of the water chestnuts are formed in the upper side and the lower side of the left part of the handle; the discharging holes correspond to the blades; and the limiting block is mounted on the left side of the top of the cavity. The water chestnuts are placed in the cavity, a swing rod is pulled to enable the water chestnuts to move leftwards to be peeled by the blades, and the water chestnuts are pushed to move downwards to be completely peeled by the annular cutter, so that it is not required to take the water chestnuts in the human hand and then remove the peels of the water chestnuts by a tool, the cutter is prevented from cutting the hand, and the working efficiency is high.