The invention discloses a seabed foundation pit blasting excavation underwater shock wave protective method and device. The method comprises the steps that (1) the position of a protective device is positioned according to the size of a foundation pit; (2) a flexible protective wall is manufactured and comprises a protective panel, protective reinforcement fabrics, springs and connection pieces, and the protective panel comprises a holed polyurethane foam panel, a chloroprene rubber interlayer and an air interlayer; (3) a protective device is installed and comprises the flexible protective wall, bottom shape steel, holed steel pipes and high-pressure air pipes, the lower portion of the flexible protective wall is connected with the bottom shape steel, the outer side of the bottom shape steel is connected with the holed steel pipes, the holed steel pipes communicate with the high-pressure air pipes, and the flexible protective wall is tied into a whole through ropes; and (4)a bubble curtain is formed through air inflation. According to the seabed foundation pit blasting excavation underwater shock wave protective method and device, the flexible protective wall and the bubble curtainare combined, effective reduction of underwater shock waves can be achieved close to a blasting zone, construction staff, marine organisms, the surrounding aquatic environment and underwater buildings are protected, meanwhile, through the absorption effect of the protective panel on the shock waves, shock wave reflection is reduced, and a foundation pit is protected.