An on-machine precision adjustment device and method for turning tool tip height, belonging to the field of precision / ultra-precision machining, capable of achieving micron, submicron or even nanometer level precision adjustment, mainly including a main controller, a tool tip height precision detection device and a tool tip height Precision adjustment device. Among them, the tool tip height precision detection device includes high-precision displacement detection controller, high-precision position detection sensor, sensor support, etc.; tool tip height precision adjustment device includes micro-nano motion controller, upper tool holder block locking screw, knife Frame base, dovetail guide rail locking screw, tool holder fixing bolt, differential screw, dovetail guide rail, T-shaped lock nut, upper tool holder block fixing screw, upper tool holder block, micro-nano mobile table, lower tool holder block Wait. The invention has high adjustment precision, realizes the quantitative representation of the knife tip height, can set the required knife tip height according to actual needs, is convenient and quick to adjust, has low dependence on the operator's technology, and is easy to realize automation.