A power consumption management method and a power consumption management device are provided. When a power module of a power supply for a server is faulty, a power consumption management device receives fault information sent by the power supply, and reduces first power consumption, calculated when the power module works normally, of the server by a first value to second power consumption of the server based on the fault information. The first value is not less than a reduced value, calculated when the power module is faulty, of power consumption of the server. In addition, the power consumption management device adjusts the second power consumption of the server based on a power consumption capping value of the server. According to the application, a breakdown of the server is avoided, and the power utilization after the power module is faulty is further improved.