The invention relates to an observation method for the foundation settlement of a high-precision rolling mill, belonging to the field of foundation settlement detection. The observation method comprises the following steps: selecting a stable foundation in the rolling line-side direction of the rolling mill, setting up three observation points at different parts, and numbering the three observation points as a point A, a point B and a point C, wherein the distance between every two points is no more than 50 m; during initial observation, performing guiding measurement of the level control point BM to four settlement points of the rolling mill, wherein measured values are considered to be correct values; then performing guiding measurement of the initial value of the sinking point I to thepoints A, B and C to obtain three values, and finally, allowing the three values to return to a BMI leveling point to form a closed line; and carrying out observation on the settlement points of the rolling mill, with the point B used as a reference point, wherein in each observation, whether the points A, B and C have any change or not is observed at first, sinkage amounts observed at the four settlement points of the rolling mill are taken as corrected value if no change occurs, or other operation is performed if the points A, B and C have changes. The observation method of the invention issimple and fast to operate, accurate and reliable in measured values, lowers labor input and reduces labor intensity.