The invention relates to a tension release controlling device and method of cage hovering and locking of an elevator. By the adoption of the device and method, in the whole cage locking process, impact caused by large elastic stretching and retracting of a steel wire rope can be eliminated when light-loaded objects or heavy-loaded objects are loaded and unloaded, it is guaranteed that the objects can enter and get out of the cage stably, accurate control over releasing of cage hovering and locking for a short time or even for a long time is achieved, and the safety and reliability are improved; meanwhile, the time that the objects enter and get out of the cage is shortened, the operation and maintenance workload is reduced, and the production efficiency is improved.