The invention discloses a device and method of a microwave photon channelized receiver of zero intermediate frequency. As shown in the drawings, the device comprises a laser diode (LD), two local oscillator signals (LO1, LO2), a DP-QPSK modulator, an optical band-pass filter (OBPF), a single polarization modulator (MZM), a splitter, a narrowband OBPF group, a polarization controller (PC), a polarization beam splitter (PBS), a balance detector (BPD) and a multi-channel ADC. The DP-QPSK modulator generates polarization multiplexing signals of an optical frequency comb and positive and negative second-order sidebands, a radio frequency (RF) signal modulates the positive and negative second-order sidebands, a generated lower sideband is within a spectral line of the optical frequency comb, and the narrowband OBPF group performs balance detection after channel division and performs demodulation to obtain IQ data. DC bias and even distortion are suppressed by the balance detection, and the IQ amplitude and the phase balance can be finely corrected by optical power and a polarization state.