The invention discloses a magnetic suspending type intelligent control stay cable damping device and a damping adjustment method, and relates to the field of bridge damping device. The device comprises an upper connection rod, a lower connection rod, a connection plate and a displacement sensor, wherein a first iron core is arranged at one end of the upper connection rod, and a first coil is wound on the first iron core; the lower connection rod is arranged to be opposite to the upper connection rod, a second iron core is arranged at one end of the lower connection rod, the second iron core and the first iron core are oppositely arranged, and a second coil is wound on the second iron core; the connection plate is arranged on a bridge surface and connected with the lower connection rod; the displacement sensor is fixedly arranged on the connection plate and connected with the first iron core via a stay wire, and can be used for monitoring displacement of the first iron core. The magnetic suspending type intelligent control stay cable damping device provided by the invention omits a complex piston oil cylinder structure, and is simple in structure and convenient to manufacture, and meanwhile no mechanical wearing occurs, so that duration and service life of the device are improved.