The invention discloses a compressed sensing based color imaging device and a compressed sensing based color imaging method. The compressed sensing based color imaging device comprises a PC (personal computer), a DLP (digital light projector), a target image, a single-pixel photon detector and a data collection and control module. The PC, the DLP and the single-pixel photon detector are connected with the data collection and control module. The PC generates a two-dimensional random binary projected intensity image. The data collection and control module controls the DLP to perform binary intensity image projection on the target image under red, green, blue and white structured light sequentially to acquire digital signals of the red, green, blue and white structured light respectively and send the digital signals to the PC, reconstructs the signals of the red, green, blue and white structured light through compressed sensing to acquire four monochrome gray level images, and performing color fusion on the four monochrome gray level images to acquire a final color image. The compressed sensing based color imaging device and the compressed sensing based color imaging method have the advantages that light filters are not needed, and simple structure and low cost are achieved; sampling frequency can be reduced, and color fidelity can be guaranteed without reduction of image resolution.