The invention belongs to the field of measurement while drilling and particularly relates to an acoustic wave while drilling internal wiring structure with an axial compensation function and a connection method thereof. The internal wiring structure comprises a circuit skeleton joint I, a multi-core slip ring connector, a mutual insertion protection joint, an internal wiring rod and a circuit skeleton joint II. The first end of the circuit skeleton joint I and the first end of the circuit skeleton joint II are mechanically connected with an electronic warehouse of a circuit skeleton, and the power supply and the synchronous signal line of the circuit skeleton are introduced inside the circuit skeleton joint I and the circuit skeleton joint II. The mutual insertion protection joint connects the second end of the circuit skeleton joint I and the first end of the internal wiring rod, and the second end of the internal wiring rod is connected with the second end of the circuit skeleton joint II. The emission and reception internal power supplies and the synchronous signal lines are electrically connected with the multi-core slip ring connector socket and the multi-core slip ring connector pin. The multi-core slip ring connector socket is electrically connected with the multi-core slip ring connector pin. The electrical connection of the emission circuit and the reception circuit is achieved through the multi-core slip ring connector pin and the multi-core slip ring connector socket.