The invention discloses an electrolytic machining technology of a deformable tool electrode, and a device. The tool electrode comprises a plurality of adjustment rods and a flexible electrode, wherein the plurality of adjustment rods are arranged in parallel, and the flexible electrode sleeves the adjustment rods in a penetrating way; the electrolytic machining technology of the deformable tool electrode comprises the steps of receiving an operating command; controlling the adjustment rods to move along a horizontal direction and the axial direction of the adjustment rods according to the operating command, and adjusting the shape of the flexible electrode; sending the tool electrode into an electrolytic cell; carrying out electrolytic machining. After the electrolytic machining technology of the deformable tool electrode is used, a complicated shape structure is formed by simply inputting the command, and the working procedure of making a machining electrode with a fixed shape is omitted, so that the machining cost is lowered, and the machining time is reduced; the concrete shape of the tool electrode is stored in a form of data, so that a storage space is saved, and the electrolytic machining industry is more environmentally-friendly.