The invention relates to an underwater high-precision 3D reconstruction device and method. The device comprises a prismatic frame, the top of the frame is provided with a bar-shaped slide rail, a high-definition camera whose position can be adjusted horizontally is mounted on the slide rail, a laser is fixed to one prism under the slide rail, eight spotlights are fixed to the prismatic frame under the high-definition camera, top points at the top of the prismatic frame are connected to the bottom of a flange via supports respectively, the top of the flange includes a bearing terminal, the top end of the bearing terminal is connected with a main umbilical cable, and the bottom of the bearing terminal includes a branching cable. The method comprises calibrating the laser, calibrating direction of incident light, putting the device into the sea, collecting a laser image of a target object and images under different illumination directions, and carrying out rapid high-precision 3D reconstruction via structural light and photometric technologies after that the images are sent to overwater positions. According to the invention, different underwater reconstruction methods are realized, advantages of photometric technology and structural light method are combined, and a reconstruction result is more accurate.