The invention relates to a swing bearing friction characteristics measuring device and method under joint actions of an axial and a radial load. The friction characteristics measuring device comprises a swing bearing, a radial loading component, an axial loading component, a swing drive component and a torque measuring sensor. The swing bearing arranged among the left bearing plate and the right bearing plate and a swing axle on the radial loading component is a measured test bearing; the two swing bearings arranged between the swing axle and a radial load loading servo cylinder is a technical bearing; and the swing bearing arranged between the two bearing plates and the technical axle is an auxiliary bearing. A radial load is loaded in the vertical direction by a radial force loading component. An axial load of the measured test bearing is realized by two axial loading components applying tensile loads in opposite direction at the bearing plate loading point in the horizontal direction respectively. According to the invention, a hard problem that the measured test bearing has to rotate and apply the radial load as well as the axial load during the bearing friction measuring process is solved.