The invention provides a spacecraft separation test system and method, and the system comprises a gravity balance device, a suspension device, a suspension point adjustment device, an inertia testing device, a photographing device, and a time signal measurement device. A second separation test piece is fixed with the ground, and a first separation body is connected with the gravity balance device through the suspension point adjustment device and the suspension device. The gravity balance device outputs a balance force, and simulates a weightless environment. After separation, an upper separation test piece can freely rotate at six freedom degrees, and the inertia testing device is used for testing the acceleration and angular speed of the separation body in a separation process. The photographing device tests the separation speed of the separation body, and the time signal measurement device separates time. After the testing of separation parameters, the gravity balance device carries out the deceleration buffering of the separation test piece. The method achieves the complete measurement of separation characteristic parameters of a spacecraft, is high in testing precision, is simple and convenient to operate, is high in efficiency, is high in adaptability, and is safe and reliable.