The invention discloses a transformer winding insulation cushion block elasticity modulus test device and test method. A sealed cavity is filled with transformer oil, a cushion block sample is socked in the transformer oil, a heating device and a laser displacement test system are arranged in the sealed cavity, the cushion block sample is pressurized by a hydraulic loading device, a hydraulic loading system support device is arranged outside the sealed cavity, and the hydraulic loading device for pressurizing the cushion block sample is arranged on the hydraulic loading system support device; the elasticity modulus of the cushion block sample can be obtained according to the pressure and the displacement of the cushion block when the cushion block is pressurized by the laser displacement test system. The device can be used for testing the nonlinear elasticity modulus of the transformer winding insulation cushion block when the transformer winding insulation cushion block bears different pressures, is convenient to operate, high in intelligence and accurate and reliable in measurement results and achieves the elasticity modulus measurement the same as the actual operation environment.