The invention discloses an optimization method of phase compensation link time constants of a power system stabilizer. The optimization method comprises the following steps of (1) measuring non-compensation phase-frequency characteristics of a unit excitation system by adopting a dynamic signal analyzer on the spot and reading a phase angle within a range of 0.1-2.0Hz; (2) converting the power system stabilizer into the PSS of a rotating speed deviation single-input mode according to structure characteristics of an electric power and rotating speed deviation double-input signal of a PSS4B-W; and (3) building a parameter optimization model of the PSS4B-W by employing third-order lead-lag phase compensation link time constants of the PSS4B-W as optimization variables and in-phase additional moment generated by the PSS and [delta]omega shaft as an optimization target and solving the time constants through an adaptive weight particle swarm optimization algorithm. According to the optimization method, optimized parameters, meeting the industry standard requirements, of the PSS4B-W can be quickly and efficiently found out.