The invention discloses a compound annealing furnace. The compound annealing furnace comprises a furnace body; and an electric heating system is arranged in the furnace body. The compound annealing furnace is characterized in that the furnace body is in a separate form and consists of a furnace cover, a furnace bottom and a hydraulic lifting device matched with the furnace cover; the electric heating system and a hot air circulating system are mounted in the furnace cover; the furnace bottom is of a double-trolley structure; and traveling wheels and brakes are mounted under the furnace bottom.The traveling wheels are matched with rails arranged on the ground. The hot air circulating system consists of a lateral air guide cover, and multiple hot circulating fans arranged at the top of thefurnace cover. A lifting device consists of lifting guide devices mounted around the furnace cover, and hydraulic lifting devices perpendicularly arranged. The compound annealing furnace realizes uniform annealing, improves the heat efficiency and the product quality, and achieves the purposes of energy conservation, consumption reduction and improvement of the economic benefit.