A drill bit locking device and a drill bit are provided. The locking device includes a boss with a through hole, a bearing and a support member are arranged an inner wall of a small cylinder above the boss; a locking sleeve is sleeved over the boss, a first bulge is on an inner wall of an upper part of the locking sleeve, and a second bulge is on an inner wall of a lower part; a spring is between the second bulge and an upper bottom surface of the boss; a press plate is threadedly connected with an outer wall of a top part of the small cylinder and presses against the first bulge; holes of different sizes are on the inner wall of the small cylinder and the support member to form a stepped hole, and a steel ball is arranged in the stepped hole.