The invention discloses an equivalent friction coefficient measurement device and method of a rolling bearing. The equivalent friction coefficient measurement device comprises a machine body, a sliding seat, two air flotation main shaft assemblies, a core shaft, a rotational speed sensor and a data acquisition / processing / calculation / display system, wherein each air flotation main shaft assembly comprises an air flotation main shaft matrix and an air flotation main shaft, one of the air flotation main shaft matrixes is fixedly connected with the machine body, the other one air flotation main shaft matrix is fixedly connected with the sliding seat, the two air flotation main shafts are coaxial, two ends of the core shaft are matched or connected with the two air flotation main shafts by conical surfaces or couplers, an inner circle of a measured rolling bearing is arranged at a shaft shoulder of the core shaft, the rotational speed sensor is used for monitoring angular speeds of the coreshaft or the air floatation main shafts, and the data acquisition / processing / calculation / display system is used for acquiring and processing angular speed signals, monitored by the rotational speed sensor, of the core shaft or the air flotation main shafts and calculating equivalent friction torque and an equivalent friction coefficient of the measured rolling bearing. The measurement device hasthe capability of rapidly and accurately measuring the equivalent friction torque and the equivalent friction coefficient of the rolling bearing.