The invention provides a cross-axis and cross-point modal test and parameter identification method for cutting stability prediction, which is used to improve the accuracy of the existing cutting stability prediction method. Firstly, a three-axis acceleration sensor is installed at the cutter tip, cross-axis and cross-point modal knocking is carried out along two horizontal orthogonal directions atmultiple preset nodes on the cutter axis through a force hammer, measured transfer functions are grouped according to different measuring axes, and the dynamic parameters of each transfer function are identified. Secondly, the meshing part between the cutter and the work piece is divided into multiple cutting layer elements along the cutter axis under given axial cutting depth, the modal array values identified at the nodes are allocated by linear interpolation to the elements in all the layers, and a parameter matrix matching a dynamic model is assembled based on the modal array values and other dynamic parameters. Finally, a dynamic parameter matrix including the cross-axle and cross-point modal coupling effect is obtained. In the method, the acceleration sensor only needs to be installed once.