The invention provides a deep hole machining device and method. The deep hole machining device comprises a machine tool body, the machine tool body is fixedly provided with a drilling power head, a deep hole drilling head is installed on the drilling power head, a workbench is slidably installed on the machine tool body through a guide rail, the workbench and the machine tool body are further connected through a screw rod nut mechanism, a workpiece is clamped on the workbench, the deep hole machining device is further provided with a laser assisted calibration device and an electromagnetic deviation correcting device, a deviation correcting hole is punched in the position of the workpiece to be machined by laser, a laser beam emitted by a laser emitting device is made to fall on a photoelectric collector, and deviation of the deep hole drilling head is corrected in real time through the electromagnetic deviation correcting device. By means of adoption of the above scheme of the deep hole machining device and method, the structure is simplified, and improvement of the machining precision is facilitated; by means of the arrangement of the laser assisted calibration device, online precision calibration can be realized, and deviation errors can be detected in real time according to the collimating laser shape change and different positions of the photoelectric collector where the laser falls on; and by means of the arrangement of the electromagnetic deviation correcting device, the deviation of the deep hole drilling head can be corrected in real time, and the machining precision is further improved.