The invention relates to a system for measuring half-wave voltage of a phase modulator and a measurement method. The measurement system comprises a laser generator, a polarization controller, a microwave signal generator, an optical interferometer, a power meter and a processor. The method comprises the following steps of: connecting a phase modulator to be measured into a detection system; determining working parameters of the system, and adjusting working conditions of the system; measuring optical power values under the condition of modulating microwave signals with different amplitudes, and comprehensively processing data; and measuring the half-wave voltage at different frequencies. By the system and the method, all the parameters measured at the same detection frequency are comprehensively processed by the characteristic of high resolution of modulation signals generated by the microwave signal generator to obtain a half-wave voltage value at the frequency, and the half-wave voltage value is circularly processed to obtain half-wave voltage values at various detection frequencies; and therefore, the system and the method have the characteristics that the system and the method are high in resolution of measurement frequency, the phase modulator has a plurality of measurement frequency points and a plurality of half-wave voltage measurement values and is high in accuracy, the using performance of a high-speed phase modulator can be exerted, the system and the method are systematical in measurement and low in measurement cost, and the like.