The invention relates to an accurate positioning method for a steel pipe column in a cover and cut top-down subway station. The accurate positioning method mainly comprises the following steps: (1) performing pile foundation construction positioning measurement on the steel pipe column; (2) performing calibration and measurement on the verticality of a drill stem of a drill rig; (3) installing a steel pipe column positioner and performing the positioning measurement by the steel pipe column positioner; (4) installing and positioning the steel pipe column. According to the method, by uniting a non-prism electronic total station with the advanced measurement technique and a high-precision laser plummet, through measurement error propagation and analysis, and by adopting the technical measures, such as the normalization method, the problems of construction positioning on the steel pipe column, verticality calibration and measurement and the like can be reliably solved; the required measurement instrument can be utilized circularly for a long time; the power consumption is extremely low, and no garbage is generated in a working site; the accurate positioning method has the characteristics of being economic, environmentally friendly and energy-saving, and has good social benefit.