The invention provides a propeller thrust measuring device, which comprises a base, an upper part frame, two lead screw systems, a worm gear and worm system, and a measuring system. The entire propeller thrust measuring device spans over a circulating water tank, and the center line of the device and that of the circulating water tank are on the same vertical plane; a lifting column is lowered to an appropriate depth by utilizing the lead screw systems after a propeller and a balance are fixed, and the lifting column is rotated via the worm gear and worm system so as to adjust an axis of the propeller to be coincide with the center line of the circulating water tank; and the propeller is turned on to a certain rotation speed, the balance can transmit a thrust value of the propeller to a water surface data acquisition instrument under the condition of zero flow velocity, and a thrust value of the propeller under the condition of a flow velocity can be measured through turning on a flow generating device of the circulating water tank. The propeller thrust measuring device is simple in structure, accurate in measurement and high in practical value, can provide important reference numerical values for propeller thrust measurement of water surface and underwater vehicles, and can conduct motion control research of the vehicles more precisely.