The invention is applicable to the field of structural health monitoring, and provides a vibration reduction device and a parameter adjustment method thereof. The vibration reduction device comprisesa box body and a vibration reduction mechanism arranged in the box body; the vibration reduction mechanism comprises a plurality of vertically arranged sleeve rods, and a first steel plate and a second steel plate, wherein elastic components are arranged on the sleeve rods correspondingly, the plurality of sleeve rods form a plurality of groups of adjustable frequency ratios so as to realize multi-stage control of a structure in the vertical direction, and the first steel plate and the second steel plate correspondingly connected to the upper end and the lower end of each sleeve rod; the middle part of the first steel plate and the middle part of the second steel plate are correspondingly connected to the upper part of a first sliding base and the upper part of a second sliding base, and the lower part of the first sliding base and the lower part of the second sliding base are correspondingly movably nested into a first steel ball track assembly and a second steel ball track assembly correspondingly; and elastic devices are correspondingly arranged in the horizontal directions between the four side surfaces, namely the front side surfaces, the rear side surfaces, the left side surfaces and the right side surfaces, of the lower parts of the first sliding base and the second sliding base and the inner side surfaces of the first steel ball track assembly and the second steel balltrack assembly. The vibration reduction device can realize the multi-stage bidirectional control of vibration in the vertical and horizontal directions of the structure, the vibration reduction effectis effectively improved, and the application range is wide.