The invention discloses a drill bit locking device and a drill bit. The drill bit locking device comprises a convex table (1) with a through hole, and a bearing (8) and a support body (12) for support the bearing (8) are arranged on the inner wall of a small cylinder above the convex table; a locking sleeve (2) is also sleeved with the convex table, a first bulge (5) is arranged on the inner wall of the upper part of the locking sleeve (2), and a second bulge (3) is arranged on the inner wall of the lower part; a spring (9) is arranged between the second bulge (3) and the upper bottom surface (10) of the convex table; a press sheet (6) is connected with the outer wall (7) of the top part of the small cylinder above the convex table in a threaded manner and presses the first bulge (5); and holes with different sizes are arranged on the inner wall of the small cylinder and the support body (12) corresponding to the second bulge (3) to form a stepped hole (13), and a steel ball (4) is arranged in the stepped hole (11). The drill bit locking device with the structure has the advantages of simple and convenient locking and unlocking operations, firm locking and good safety performance.