The invention discloses a suspension type ball screw pair measurement error compensation device. The suspension type ball screw pair measurement error compensation device comprises a fixing frame, a mounting seat, a rotary base, a rotating seat and a supporting block; the mounting seat is fixedly connected with the fixing frame; the mounting seat has a first circular hole having a vertical axial direction; a lower end of the rotary base has a first rotating shaft, and the first rotating shaft is located in the first circular hole and is rotatable in the first circular hole; an eccentric hole is formed in the center of the rotary base; a second rotating shaft is arranged on a lower end of the rotating seat, and the second rotating shaft is located in the eccentric hole; the supporting blockis fixedly connected to an upper end of the rotating seat; a locking mechanism for locking both the rotary base and the mounting seat is arranged between the rotary base and the mounting seat; the mounting seat includes a fixing block and a swinging block; the fixing block and the swinging block can rotate relatively; and the whole compensation device has a height adjustment mechanism. The compensation device can prevent measurement errors due to bending deformation of a lead screw due to its own gravity, and can avoid interfering of the compensation device with parts on a tool body.