The balancing weight unit of ring spindle spinning frame includes a dragging mechanism comprising fixed chain wheel, forming cam, oscillating arm, main dragging chain and main chain wheel; an elevating mechanism comprising driven chain wheel, elevating chain, elevating part and transition chain wheel; and a balancing weight mechanism comprising two transmissino chain wheels, suspending chain, balancing weight and upper distribution shaft. The two transmission chain wheels are connected through the suspending chain to the balancing weight; and the main chain wheel, the two transmission chain wheels and the driven chain wheel are set successively on the upper distribution shaft for elevation motion.