The invention relates to a vertical ring rolling mill. The vertical ring rolling mill capable of realizing on-line measurement control comprises a rack, a rolling wheel mechanism, a measuring roll mechanism, a guide roll mechanism, a core roll mechanism and an unloading device. The vertical ring rolling mill is characterized by also comprising an on-line measurement control device; the on-line measurement control device comprises a displacement sensor group, a first displacement measurement sensor is arranged on a first elastic follow-up device of the measuring roll mechanism, and a second displacement measurement sensor is arranged on a slide block of the rolling wheel mechanism; and the measuring roll mechanism comprises the first elastic follow-up device, a measuring roll, a first pushrod, a first bearing, a first shaft and a first bracket, wherein the measuring roll is fixed on the first shaft by the first bearing, the first shaft is fixed on the first bracket, the first bracket is fixed on the first push rod, and the first push rod is arranged on the first elastic follow-up device. The vertical ring rolling mill provides a condition for realizing on-line measurement control of outside diameter sizes of ring blanks, and has the advantages of manpower and material economization, high part molding precision, small post machining amount, low rejection rate and the like.