The invention is applicable to the technical field of measurement of microwave characteristics of wafer-level semiconductor devices, and provides a method for measuring an S parameter and terminal equipment. The method comprises the steps that vector calibration is conducted by using a basic calibration kit, and an 8-term error model is obtained; according to a system error item in the 8-term error model, crosstalk correction is conducted, at least two standard crosstalk pieces at the position of a to-be-measured piece are measured, and two crosstalk items are obtained; according to the systemerror item in the 8-term error model and the two crosstalk items, vector calibration is conducted, the to-be-measured piece is measured, and the S parameter of the to-be-measured piece is obtained. By means of the method, the problem about the influence of the crosstalk error items between probes in the high-frequency on-chip measurement process and the problem about a large random error caused by a single crosstalk standard in the crosstalk correction process can be solved, and the measurement accuracy of the high-frequency on-chip S parameter is further improved.