An intracranial pressure monitoring instrument based on ultrasonic wave acoustoelastic effect comprises a computer, an ultrasonic wave transmitting drive module, an ultrasonic wave transmitter, an ultrasonic wave receiver and a receiving signal circuit module, wherein the ultrasonic wave transmitting drive module is used for generating initial high-frequency signals, the ultrasonic wave transmitter is connected with the ultrasonic wave transmitting drive module and converts the initial high-frequency signals output by the ultrasonic wave transmitting drive module into elastic mechanical waves transmitting to a cranial cavity, the ultrasonic wave receiver is used for receiving the elastic mechanical waves penetrating the cranial cavity and converting the received elastic mechanical waves into tail-end high-frequency signals, the receiving signal circuit module is connected with the ultrasonic wave receiver and used for performing frequency discrimination and phase locking to the tail-end high-frequency signals and outputting the phase, with the same frequency as the initial high-frequency signals, of the tail-end high-frequency signals to the computer, and the computer is connected with the ultrasonic wave transmitting drive module and the receiving signal circuit module and used for demodulating the tail-end high-frequency signals and calculating intracranial pressure. By the intracranial pressure monitoring instrument, noninvasive monitoring of intracranial pressure of patients is achieved, measuring data is accurate, the clinical application requirements can be satisfied, and long-term online monitoring is achieved.