The invention discloses a common voltage compensation circuit, a compensation method, a display panel and a display device. The common voltage compensation circuit converts a common voltage analog signal of a sampling point to a digital signal sampling value via a first conversion module; according to the sampling value, a standard value generated by a decoding module, the preset gain times and the compensation times, through calculation, a processing module determines a signal for common voltage compensation, the compensation signal is thus converted to an analog quantity through a second conversion module, the analog quantity is outputted to a compensation point, real-time common voltage compensation on the display panel is thus realized, and as for a compensation point in a different area, a different compensation value is determined and compensation is carried out; and the common voltage signal adopts a digital quantity through a data bus during a transmission process to be transmitted to the decoding module, accuracy of the common voltage signal value in the case of long-distance transmission can be ensured, the common voltage signal analog quantity is converted into the digital quantity, calculation and comparison are easy to realize, and the design implementation and the operation of the common voltage compensation circuit are facilitated.