The invention discloses a tooth profile correction device which comprises a flattop chisel, groove-shaped bars used for protecting tooth bottoms, a wedge-shaped block used for correcting distorted tooth profiles, an L-shaped baffle block used for correcting tooth profiles of too large fan openings, and a door-shaped protective device used for being mounted on the outer sides of normal teeth in a sleeving manner. The device can be combined for correcting teeth with abnormal tooth profile problems such as tooth profiles of distorted ends and tooth profiles of too large end fan openings, so that quick correction for abnormal tooth profiles is achieved, the rework period can be shortened, the cost is reduced, high reliability of an iron core product is met, and market requirements are quickly responded. The invention also discloses a tooth profile correction method. Through the combination use of the tooth profile correction device, damage to normal teeth during the correction process is effectively avoided, and correction and repair for abnormal tooth profiles are simply and effectively realized.