The invention provides a dynamic balance analysis method and device and an adjusting method and device of a water-pumping and energy storage unit. The method comprises the steps that time-frequency domain analysis is conducted on a vibration amplitude signal of the water-pumping and energy storage unit to obtain the time domain waveform of the vibration amplitude signal and the first frequency domain value spectrum of the vibration amplitude signal; when the change of the unbalance mass of a water-pumping and energy storage unit rotor causes change of the first frequency domain value spectrum of the vibration amplitude signal, the rotating frequency component time domain waveform of the vibration amplitude signal is obtained according to the time domain waveform of the vibration amplitude signal; the initial unbalance mass phase of the water-pumping and energy storage unit rotor is obtained according to the rotating frequency component time domain waveform of the vibration amplitude signal and a key-phase signal waveform; the initial unbalance mass phase of the rotor is corrected according to the phase different of the installing positions of a key-phase sensor and a vibration amplitude sensor and the rotating direction of the water-pumping and energy storage unit to obtain a rotor unbalance mass phase. No phase delay is produced, the phenomenon that deviations exist in the rotor unbalance mass phase is avoided, and weight balancing can be accurate.