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This invention discloses a method for improving the accuracy of inertial guidance based on polynomial recursive least squares, comprising: constructing a guidance tool error model based on the difference between inertial guidance telemetry observations and a flight environment function, wherein the guidance tool error model satisfies a linear relationship; constructing a recursive formula based on polynomial recursive least squares based on the guidance tool error model; determining the estimated value of the guidance tool error coefficient at the current recursive time based on the difference between guidance telemetry observations at the current recursive time and the recursive formula of least squares, and using the estimated value of the guidance tool error coefficient to compensate for the guidance telemetry observations at the current recursive time. This invention can significantly improve estimation accuracy and efficiency, and has a wider range of applications and higher engineering value.