A device and a method for ultrasonic detecting a rotating member based on magnetic fluid coupling, wherein the device comprises an ultrasonic probe, magnetic field protection rings, magnetic fluid and a magnetic fluid protection cover. The ultrasonic probe is arranged above the rotating member that is horizontally placed. Front ends of a transmitting ultrasonic transducer and a receiving ultrasonic transducer of the ultrasonic probe are provided with the magnetic field protection rings for generating magnetic fields in the magnetic field protection rings. The protective cover is sleeved on a circumferential outer side of the rotating member where a detected position is located, and the front ends of the ultrasonic probe are arranged to penetrate through the magnetic fluid protective cover. A cavity formed between the magnetic fluid protective cover and the rotating member is filled with the magnetic fluid and the magnetic fluid is a liquid mixture solution.