The invention provides a shared-frequency neighboring cell channel estimation method and a shared-frequency neighboring cell channel estimation device, which belong to the technical field of channel estimation. The method comprises the following steps of: comparing the configuration of shared-frequency neighboring cells of a service cell with that of a local anomalous shared-frequency neighboringcell, and judging whether the shared-frequency neighboring cells comprise the anomalous shared-frequency neighboring cell; if the shared-frequency neighboring cells comprise the anomalous shared-frequency neighboring cell, adjusting serial iteration interference elimination priorities in the shared-frequency neighboring cell channel estimation; and if the shared-frequency neighboring cells do notcomprise the anomalous shared-frequency neighboring cell, performing serial iteration interference elimination according to the interference elimination priorities in the shared-frequency neighboringcell channel estimation and from higher signal intensity to lower signal intensity, thereby improving the channel estimation accuracy of the service neighboring cell.