A method for eliminating interference to blood oxygen saturation monitoring includes steps of digitally filtering acquired red light and infrared light PPG (photoplethysmography) signals, removing low-frequency interference signals in direct current components, computing accurate direct-current component value, computing PPG signal envelope curves to extract alternating-current components, separating signals relevant with interference and serving the same as reference signals to be subjected to self-adaptive filtering, eliminating movement interference generated from aliasing of frequency and target signals in the alternating-current components, computing to obtain the accurate PPG alternating-current component value, and finally computing the blood oxygen saturation after the interference is eliminated according to the Lambert-Beer's law. The method is capable of suppressing movement interference well and computing to obtain the accurate blood oxygen saturation value. By extracting the reference signals directly from the red light and infrared light PPG signals to realize self-adaptive filtering, the method is simple in construction, simple in algorithm and small in computing number, has no need of an extra device for providing reference signals, is free of multiple self-adaptive filtering, and facilitates miniaturization and portability of monitoring equipment.