An apparatus for regenerating waste rubbers, wherein a regenerating agent supply device and feeding device are connected to a high and low speed mixing device by a pipe and a screw feeder I, respectively; a regenerating mechanism is disposed on one side of the high and low speed mixing device and comprises a feed hopper provided with a screw feeder II which brings the feed hopper and the high and low speed mixing device into communication; the discharge port of the feed hopper is provided with a regeneration reaction device; the regeneration reaction device is provided with a temperature control device and is provided with a cooling device at the end thereof; an extrusion device and a shearing device are provided at the joint of the regeneration reaction device and the cooling device; and the end of the cooling device is provided with a discharge port. The apparatus improves production efficiency greatly, solves the existing problem of environmental pollution in waste rubber recycling, achieves a high yield with low energy consumption, a high quality of regenerated rubber, and a low space occupancy, and is space-saving, simple to operate, and labour-saving.