The invention provides a guided missile mass and mass center adjusting device and method. The guided missile mass and mass center adjusting device comprises balance weight pipes (2, 3) located in a guided missile bin (1), a plurality of clump weights (4) placed in the balance weight pipes (2, 3), and end caps (5, 7, 8, 9) detachably connected with the two ends of the balance weight pipes (2, 3) correspondingly; and the balance weight pipes (2, 3) are connected with the guided missile bin through flange plates (6, 10, 11). During assembling of the guided missile mass and mass center adjusting device, firstly, the end caps at one end are connected with a bin body or one flange plate (10), and then one ends of the balance weight pipes are connected with the end caps; then the other ends of the balance weight pipes are fixed through the other flange plates (6, 11), the end caps at the other ends of the balance weight pipes are assembled, and the bin body without balance weight is assembled; and after installing and debugging of equipment in the bin are completed, the initial values of the mass and the mass center of a guided missile are measured, the balance weight scheme is formulatedthrough comparison with the theoretic mass and mass center, and accurate adjusting on the mass and the mass center is achieved.