The invention provides an aircraft simulation air bearing table inertia regulating and measuring device and method. The device comprises a base, an air bearing pair, an experiment table top, two trusses, under-table hanging bins and truss inertia regulating modules; the experiment table top is installed on the air bearing pair, the trusses are installed on the two sides of the experiment table top, the under-table hanging bins are installed under the experiment table top, and the truss inertial regulating modules are installed on the trusses; the trusses are symmetrically installed on the two sides of the experiment table top. The method comprises the steps that rough regulating is performed, a theoretical calculation mode is adopted, inertia predistribution is performed on a computer design model, and balancing weights with the appropriate specification are selected or replaced and installed on the truss inertia regulating modules; when the balancing weights are installed, the balancing weights need to be installed in pairs at discs arranged at the two ends of the trusses; rotary inertia of a system is measured; the calculated rotary inertia is compared with an expected set value, and mass blocks are increased and decreased in pairs at the discs arranged at the two ends of the trusses. The aircraft simulation air bearing table inertia regulating and measuring device and method are suitable for measurement of air bearing table rotary inertia, simple in principle and convenient to install and maintain.