The invention discloses a micro-seismic source positioning method and a micro-seismic source positioning device. The micro-seismic source positioning method comprises steps that according to a perforation (the perforation and a micro-seismic event are disposed in the same fracturing segment) polarization angle and a micro-seismic polarization angle, a relative azimuth between a perforation source and the micro-seismic source is acquired; the position information of the perforation source and position information of a detector are acquired, a speed model of perforation P wave signal transmission is determined according to the position information of the perforation source, the position information of the detector, a first arrival moment, and a preset relation model; the position of the micro-seismic source is determined under a preset searching condition according to the position information of the detector, the micro-seismic P wave and S wave first arrival moment, the speed model, the preset relation model, and the relative azimuth. The micro-seismic source positioning method and the micro-seismic source positioning device are advantageous in that the relative azimuth between the perforation and the micro-seismic source is determined by the perforation polarization angle and the micro-seismic polarization angle, and the relative azimuth is used as a constraint condition for the searching and the determining of the position of the micro-seismic source, and therefore positioning deviation generated during the inversion of the micro-seismic source position is reduced.