The invention discloses a test device and a test method for simulating two-dimensional loading liquid nitrogen cooling roadway excavation and unloading. The device comprises a core-drilling drill bit,a cooling and liquid injecting hole, a liquid injecting control switch, a sealing control valve, a drilling stem, a motor, a sliding block, a connecting rod, a rack, a gear, a speed-changing motor, aguide rail, a liquid nitrogen bottle, a bearing, a telescopic support, a rock test sample, a pipeline and a rotating connecting rod. The test method is implemented according to the following steps: 1, fixing a rock test sample; 2, performing two-dimensional loading on the rock test sample; 3, mounting an excavation and unloading test device; 4, simulating round roadway excavation and drilling; and 5, processing and analyzing data. In the process of drilling the rock test sample, the liquid injecting control switch is switched on, the temperature of the drill bit is reduced by injecting liquidnitrogen into the core-drilling drill bit through the cooling and liquid injecting hole, and the problem that the related properties of the rock material is easily weakened by a mode of cooling by water is solved.