The invention relates to a device and method used for manufacturing a high precision low loss optical fiber Y-branch splitter. The device is characterized by comprising a computer, a data connecting line, a program control high precision movable platform, a high strength connecting line, a pulley, a fixing frame, a quartz capillary tube, a heavy object clamp, a combustion nozzle, a nozzle supporting rod, a support base, a support rod, a support lower clamp, a support upper clamp, a Y-shaped rubber pipe, a first mass flow controller, a first mass flowmeter, an oxygen tank, a second mass flow controller, a second mass flowmeter and a hydrogen tank, the computer is connected with the program control high precision movable platform through the data connecting line, an optical fiber to be fusedis placed in the quartz capillary tube, and the program control high precision movable platform is connected with one end of the optical fiber to be fused placed in the quartz capillary pipe throughthe high strength connecting line, the pulley and the fixing frame in sequence. Fusing conditions of different optical fibers can be satisfied, Y-branch splitters with different coupling degrees can be manufactured, and the practicality difficulty is small.