The invention discloses an inventory management method. The method comprises establishing an electronic shelf tag system, and entering goods name and quantity information for every electronic shelf tag through a server; when goods are put in inventory, sending control signals to the corresponding electronic shelf tags through the server to perform position indication, and eliminating the position indication through the server after the goods are put in inventory; when the goods are delivered out of inventory, sending control signals to the corresponding electronic shelf tags to perform position indication, and eliminating the position indication after the goods are delivered out of inventory. The invention also discloses an electronic shelf tag for inventory management. The electronic shelf tag comprises a controller, a communication unit, a display unit, a power supply module, a storage, an indicator lamp set and an alarm, wherein the communication unit, the display unit, the power supply module, the storage, the indicator lamp set and the alarm are connected with the controller respectively. The inventory management method can be applied to the field of special goods storage and management, can achieve high-efficiency in-inventory and out-inventory of goods and can issue alarm when moisture or temperature abnormality occurs.