An encoder signal processor comprises an analog signal adjustment circuit for adjusting, based on an adjusting signal, at least one of an offset and an amplitude of a sinusoidal analog signal with two phases having a 90-degree difference outputted in accordance with a travel of a target to be measured, a position detection circuit for calculating position data of a target to be measured based on a digital signal obtained through analog/digital conversion of an analog signal adjusted, a velocity change amount detection circuit for detecting a change amount of velocity per predetermined detection cycle from a velocity calculated based on position data outputted while a target to be measured is traveling at a constant velocity, and an adjusting signal generation circuit for generating an adjusting signal that minimizes the change amount of velocity detected and transmitting the adjusting signal to the analog signal adjustment circuit.