The invention discloses a reinforcing steel bar positioning frame and a positioning method for constructing internal shear walls. The reinforcing steel bar positioning frame is characterized in that steel boards are arranged on the upper surface and the lower surface of the reinforcing steel bar positioning frame, four sides of the upper and lower steel boards are connected with one another by reinforcing steel bars in a supported manner, four corners of each steel board are reinforced by angle steel, a plurality of reinforcement through holes are formed in the upper and lower steel boards, and positioning lugs are fixedly connected with two ends of the lower steel board; the reinforcement through holes in the upper and lower steel boards correspond to reinforcing steel bars of the shear walls in the aspect of position distribution, and the diameters of the reinforcement through holes are slightly larger than those of the reinforcing steel bars of the shear walls; positioning self-weight reducing square holes with corresponding sizes are formed in the upper and lower steel boards at intervals; the positioning lugs are fixedly connected with bottom formworks of floor slabs. The reinforcing steel bar positioning frame and the positioning method have the advantages that the reinforcing steel bar positioning frame and the positioning method are accurate and reliable in positioning and are simple and speedy, the prefabricated shear wall mounting time can be shortened, damage to shear wall structures can be prevented, the reinforcing steel bar positioning frame is convenient to manufacture and low in cost, the reinforcing steel bars of the shear walls are high in positioning precision, and accordingly the construction quality can be guaranteed.