Abstract: There is disclosed apparatus and method for recycling waste paint, for completely removing a bad smell generated in the course of drying up the waste paint and extracting a bad smell from a filler. The method for recycling waste paint comprises the steps of: shaping the waste paint into a cake of a predetermine thickness while removing water from the waste paint using centrifugal force of a dehydrator; drying up and dehydrating the cake-shaped waste paint at about 80° C.˜300° C. using a twin screw extruding method to remove water; drying up the waste paint dried up at the above step at about 100° C.˜300° C. using a vacuum dry method to remove remaining water; pulverizing the waste paint dried up by the vacuum dry method into minute powder; separating the pulverized waste paint based upon density; and collecting and discharging dust, vapor, and gas generated during the above steps.