A device and method for testing the working performance of an anchor rod cable by simulating stratum fracture and separation on the basis of electromagnetic action, applicable to the technical field of testing working performance of anchor rod cables by simulating a tunnel field. The device comprises a top base (1) and a bottom base (2); a plurality of hydraulic vertical columns (3) are provided between the top base (1) and the bottom base (2); the plurality of hydraulic vertical columns (3) are provided thereon with clamping devices, and an electromagnetic block (9) is disposed between two groups of drawing block-shaped clamp holders (4). Using the attraction and repulsion forces of the electromagnetic block (9), the laminated electromagnetic block generates the separating or fracturing effect in a loading process so as to simulate the interaction between surrounding rock and an anchor rod cable test piece (8) in the field and accurately record various performance parameters of a working status of the anchor rod cable test piece (8), thereby providing positive guidance for directing field work.