The invention discloses a compressed air exhausting polishing device and a compressed air exhausting polishing method for polishing a blind hole. The compressed air exhausting polishing device comprises a movable positioning assembly, a runner assembly and a supporting and clamping assembly, wherein the movable positioning assembly comprises a worktable, a horizontal module mounting rack, a horizontal linear module, horizontal module driving motors, a vertical linear module and a vertical module driving motor; the supporting and clamping module comprises a supporting block, a secondary clamping head and a vertical mounting base; the runner assembly comprises a main clamping head, a hollow runner fixing seat, a runner fixing plate, a sliding rail connecting plate, an exhausting port one-wayvalve, a gas-liquid abrasive particle flow connector, an abrasive particle flow inlet valve, a compressed air port one-way valve, a runner connector, a hollow runner, a ring flange and a main clamping head O-shaped ring. The compressed air exhausting polishing device can polish blind holes of blind hole workpieces; and blind holes of to-be-polished workpieces are positioned in a negative pressurestate by exhausting air, so that abrasive particle flows can enter the blind holes more smoothly.