Disclosed is high-ash fine coal slime separation equipment and method, applicable to the field of coal washing. The high-ash fine coal slime separation equipment includes a feeding system (1), a mineralization system (2), a separation system (3) and a pulsating water flow control system (4). A coal slime mineralization region is isolated from a separation region; and a damping block and a pulsating water flow device are arranged in a mineral separation system. A flotation feeding is fed into the feeding system (1), slurry mixing operation is completed, coal slime enters the mineralization system after pulp mixing to generate turbulent collision to form mineralized bubbles, the mineralized bubbles enters the separation system (3) after passing through a turbulent-flow dissipation pipe (12), and meanwhile, pulsating water flow with a certain frequency and waveform is fed into the separation system (3) by the pulsating water flow control system (4).