Disclosed is a torque limiting and conical braking assembly for a power winch. In the process of outputting power by a power supply and transmitting the power to a reduction mechanism, a torque limit mechanism formed by a torque shaft, a friction pad, a brake pad, a disc-shaped elastic element, an adjustable positioning ring and a positioning screw ring and a conical braking mechanism formed by a brake block, a disc-shaped rim, a wedge block and a bump are installed, so that when the reverse torque produced by the carrying load of the power winch exceeds the torque bearable by the power supply, the power transmission is cut off immediately and a conical braking effect is produced to protect the transmission mechanism from being damaged.