A vending machine and an item dispensing method. The vending machine includes: a storage column used to store items; a bucket used to receive an item from the storage column; a first conveying mechanism disposed at the storage column and used to convey the item in the storage column to the bucket; a second conveying mechanism disposed at the bucket and used to convey the item from the storage column to the inside of the bucket; and a controller. The first and second conveying mechanisms are each electrically connected to the controller. The item dispensing method includes controlling the first conveying mechanism to convey an item to the bucket at a first preset speed and controlling the second conveying mechanism to convey the item to the inside of the bucket at a second preset speed, as the item is entering the bucket, the first preset speed being less than the second preset speed.