The invention relates to a device for measuring a limit oxygen concentration parameter of combustible gas and an operating method. The device comprises a quick sealing screw cover, an explosion experiment container tank, a multi-path precision proportional gas distribution device, a gas stirrer device, an oxygen concentration detection device, an igniting device, a control unit, a data acquisition unit, a computer wireless monitoring system and a base, wherein the multi-path precision proportional gas distribution system achieves gas distribution and sample injection so as to achieve measurement of the limit oxygen concentration of the combustible gas at normal temperature and under normal pressure; the gas stirring system is mounted at the inner bottom of the explosion container so as to achieve rapid uniform mixing of the combustible gas in the explosion experiment container tank; the quick sealing screw cover achieves rapid sealing; through increase of the volume fraction of inert gas, the limit air concentration LAC of the combustible gas is measured, and the limit oxygen concentration LOC of the combustible gas to be measured is calculated. The device has the technical effects as follows: the device adopts a modular design, is stable in performance, reasonable in structure, convenient and fast to operate, safe and reliable, and can simultaneously achieve measurement of a variety of explosion parameters.