A hard rock tunnel boring machine combining microwave heating with high pressure water cutting for assisting in rock breaking includes a tunnel boring machine body, a microwave heating assisted rock breaking system and a high pressure water cutting assisted rock breaking system, wherein the microwave heating assisted rock breaking system is arranged on the tunnel boring machine body, and is used for heating and cracking a rock; and the high pressure water cutting assisted rock breaking system is arranged on the tunnel boring machine body, and is used for performing hydraulic cutting on the rock. A rock breaking sequence lies in that the microwave heating assisted rock breaking system is used for heating and cracking the rock, then the high pressure water cutting assisted rock breaking system is used for performing hydraulic cutting on the rock, and finally, the tunnel boring machine body is used for squeezing and breaking the rock.