The present invention discloses a deepwater drilling condition based marine riser mechanical behavior test simulation system. An upper three-component dynamometer, an upper connecting structure, a marine riser, a lower connecting structure and a lower three-component dynamometer are connected between an upper trailer connecting plate and a lower trailer connecting plate in sequence. The invention further discloses a test method. The present invention has the advantages that the mechanical behavior of the marine riser under deepwater drilling condition and marine environment coupling effect can be simulated comprehensively and accurately, and the apparatus can simulate ocean current environment, apply top tension to the marine riser, simulate circulation of internal drilling fluids at different current rates, simulate rotation of the drill stem at different rotational speeds and apply different drill pressures.