The invention discloses a disc tool magazine reliability testing device and method. The disc tool magazine reliability testing device comprises a supporting assembly, a sliding module, a simulation main shaft, a measuring module and an industrial personal computer. The supporting assembly comprises a base, an adjusting shim plate, a transverse beam, a bench and a support. The measuring assembly comprises a photoelectric proximity switch, a displacement sensor, an acceleration sensor, a vibration tester, a current clamp, a pressure transmitter and a noise monitoring system. After the sensors of the measuring assembly complete the parameter measurement of a disc tool magazine and a manipulator, signals are respectively transmitted to the industrial personal computer. By using the device and method, the actual working conditions can be simulated, the parameters can be comprehensively detected and a basis can be provided for the analysis, assessment and improvement of the running reliability of the disc tool magazine and the tool changing reliability of the manipulator.