The invention discloses a multi-parameter testing device and method of a VCSEL. According to the device and method, an adjustable current source supplies power to the VCSEL, a collimating lens receives divergent lasers of the VCSEL and outputs parallel light beams, a polarization-eliminating spectroscope receives the parallel light beams and outputs a first light beam and a second light beam, a focusing lens focuses the first light beam into a focused light beam, an optical fiber probe receives the focused light beam and outputs a test signal to an optical fiber spectrograph for spectrum parameter measuring, the polarization-eliminating spectroscope splits the second light beam and outputs a horizontal polarization light beam and a perpendicular polarization light beam to a first photoelectric detector and a second photoelectric detector, the light intensity of the horizontal polarization light beam and the light intensity of the perpendicular polarization light beam are measured respectively, and when the two light intensities are not zero for the first time, the thresholds at which currents of the adjustable current source are in a horizontal polarization mode and a perpendicular polarization mode are recorded respectively. According to the multi-parameter testing device and method of the VCSEL, the multi-parameter efficient testing problem of the VCSEL is solved, and spectrum parameters of the VCSEL, the threshold for the horizontal polarization mode and the threshold for the perpendicular polarization mode can be measured at the same time.