The invention discloses a novel high precision sphere multi-parameter measuring instrument and the accuracy regulating method thereof. The measuring instrument comprises a seat, a rotary dimple clamp arranged on the seat and a vertical column arranged at one side of the dimple clamp on the seat. A sliding block which can slide up and down is arranged on the vertical column. An up-and-down regulating and locking mechanism is arranged on the sliding block and the vertical column. A rotary arm is arranged on the sliding block, and a measuring head is arranged on the rotary arm and the measuring head is rightly positioned above the dimple clamp. The invention is suitable for measuring the sphericity and diameter of spheres with different diameters, and the invention can measure both internal and external spherical surfaces by changing rotary arms, with a high accuracy.