The invention belongs to the field of mining pressure monitoring, and specifically relates to a recycle type borehole stress monitoring device and monitoring method. The device comprises a drilling unit, a sensor unit in connection with an input end of the drilling unit, an external oil storage unit and an external storage unit. The monitoring method comprises the following steps of: assembling the monitoring device of the invention, and sending probe rods to a designated borehole depth by a mine geological drilling rig; switching on all oil inlet control valves, activating an electric oil pump station, injecting hydraulic oil into a hydraulic jack and a hydraulic capsule, driving the hydraulic capsule at the top of the hydraulic jack to go out from an elliptical leak hole by the hydraulic jack, and switching off the oil inlet control valves; when the pressure reaches a set value, shutting off the electric oil pump station, entering the borehole stress monitoring state, and recording the value change of a digital stress meter; after the monitoring is completed, switching on all oil outlet control valves, and making the hydraulic capsule go back into the probe rods, i.e., to the original position, along with the retraction of the hydraulic jack; and removing the probe rods out of the boreholes, thereby finishing the recycle.