The invention discloses a distance measuring device, which comprises a light source, a polarization controller, a first electro-optical modulator, a second electro-optical modulator, an optical circulator, a coupler, a 1/4 wave plate, a reflector, an analyzer, a photoelectric detector, a low-pass filter, a signal source, a first automatic gain amplifier, a second automatic gain amplifier and a measurement control unit. The invention further discloses a distance measuring method, which comprises the steps of outputting sinusoidal signals with the frequency changing continuously by using the signal source, controlling the first electro-optical modulator and the second electro-optical modulator to modulate the measurement light at the same time, and measuring demodulation waveform parametersto calculate the distance to be measured. The device is simple in structure and high in environmental adaptability, measurement errors caused by non-reciprocal and non-flat electrical characteristicsof the modulator can be effectively suppressed, and large-dynamic-range high-precision absolute distance measurement can be realized at the same time.