The invention discloses a de-embedding method of small signal measurement. The method comprises steps of forming a to-be-measured piece measurement structure, a through de-embedding piece and an open-circuit de-embedding piece; testing and extracting S scattering parameters of the to-be-measured piece measurement structure, the open-circuit de-embedding piece and the through de-embedding piece respectively; extracting S scattering parameters of an equivalent short-circuit de-embedding piece from the S scattering parameters of the through de-embedding piece through an algorithm; converting the S scattering parameters of the open-circuit de-embedding piece into Y admittance parameters; converting the S scattering parameters of the equivalent short-circuit de-embedding piece into Z impedance parameters; converting the S scattering parameters of the to-be-measured piece measurement structure into Y admittance parameters and Z impedance parameters, and carrying out matrix calculation on the Y admittance parameters and the Z impedance parameters and response parameters of the open-circuit de-embedding piece and the equivalent short-circuit de-embedding piece so as to obtain de-embedded S scattering parameters. According to the invention, for a hole-carrying device, by use of the method, excessive de-embedding in measurement results in a de-embedding process of a short-circuit de-embedding piece can be avoided.