A thermal displacement correction method is provided, including a first step of setting an initial tool temperature, a second step of estimating a temperature of a tool or a position measurement sensor based on the initial tool temperature and a temperature of a spindle, a third step of estimating an amount of thermal displacement of the tool or the position measurement sensor with a preliminarily set tool thermal displacement estimation formula based on the estimated temperature, and a fourth step of moving a feed shaft of the machine tool based on the estimated amount of thermal displacement to perform a correction. In the second step, the temperature of the spindle is measured, then a tool-mounted portion temperature of the spindle is estimated from the measured temperature.