The invention discloses a device and a method for measuring half-wave voltage of an electro-optic phase modulator. The device comprises a tunable laser device, a first optical coupler, a polarization controller, the electro-optic phase modulator to be detected, a second optical coupler, a photoelectric detector and a frequency spectrum analyzer which are connected in sequence and further comprises a microwave signal source and an acousto-optic frequency shifter. The device outputs optical carrier waves through the tunable laser device, divides the optical carrier waves into two beams through the first optical coupler, respectively processes the beams through the photoelectric detector and the electro-optic phase modulator to be detected, then combines the beams through the second optical coupler, achieves stable beat frequency, obtains the half-wave voltage of the electro-optic phase modulator by comparing the carrier wave beat frequency amplitude and the sideband beat frequency amplitude and has the advantages of high in resolution ratio, high in precision, good in accuracy, simple in structure and convenient to operate.