The invention discloses a leveling device and leveling method of a photoetching machine projection objective. The leveling device comprises a workbench, a hanging frame, a hanging frame support, an installation base plate, an objective frame, a photoelectric measurement system, a projection objective, a sensor measurement system, an active damper, a vertical adjustment mechanism and a controller, wherein the hanging frame is used for supporting the workbench, the hanging frame support is used for supporting the hanging frame, the installation base plate is arranged above the hanging frame support, the objective frame is arranged on the installation base plate, the photoelectric measurement system and the projection objective are arranged on the objective frame, the sensor measurement system is connected with a surface of the objective frame, the active damper is arranged on the installation base plate and is connected with the objective frame, the vertical adjustment mechanism is arranged below the active damper, and the controller is electrically connected with the sensor measurement system, the active damper and the vertical adjustment mechanism. By the leveling device, the purpose that the projection objective and the photoelectric measurement system are free from influence of external vibration and impact is achieved, meanwhile, the projection objective and the photoelectric measurement system are maintained in a static state relative to the position of the hanging frame of a support workpiece table all the way, the exposure imaging quality of the projection objective and the detection performance of the photoelectric measurement system are improved.