The invention discloses a method and instrument for controllable source neutron logging during drilling. The method comprises the steps that a pulse neutron source on a drill collar is started and quantitative high-energy neutrons are emitted to a stratum in a pulse mode; the number of thermal neutrons with the speed reduced by the stratum is measured through a long spacing detector and a short spacing detector which are arranged on the drill collar respectively, wherein the thermal neutrons are scattered back to a well hole; according to the number, measured through the two spacing detectors, of the thermal neutrons, the macroscopic capture cross section sigma of the thermal neutrons and the porosity phi of the stratum are obtained; the stratum water saturation Sw is obtained according to the macroscopic capture cross section of the thermal neutrons and the porosity phi. The instrument comprises the pulse neutron source, a detection unit, a signal processing and data analyzing unit and a power module used for supplying power for the detection unit and the signal processing and data analyzing unit. The thermal neutrons are detected through the long spacing <3>He thermal neutron detector and the short spacing <3>He thermal neutron detector, two sets of parameters including the porosity and the macroscopic capture cross section of the thermal neutrons and are obtained, and therefore the measurement of the water saturation and the porosity of the stratum with a relatively low degree of mineralization is achieved. Due to the use of the pulse neutron source, damage, caused by a radioactive source, to human and the environment is eliminated.