There are proposed an optical fiber property measuring device and an optical fiber property measuring method which can enhance spatial resolution more than before. In the present invention, in synchronization with frequency modulation applied to x-polarized light, intensity modulation is also applied to the x-polarized light by an intensity modulation means. This makes it possible to increase or decrease the intensity of the x-polarized light at a specific frequency, thereby allowing the effective length of a Brillouin dynamic grating formed by the x-polarized light to be adjusted. As a result, the shape of the reflection spectrum obtained when y-polarized light is reflecting by the Brillouin dynamic grating can also be adjusted optimally, which leads to enhancement of spatial resolution with the y-polarized light.