The embodiment of the invention provides an error compensation method and device, electronic equipment and a readable storage medium, and is applied in the technical field of wireless positioning. Themethod comprises the steps: obtaining the initial distances from a to-be-located terminal to all anchor nodes according to the initial signal intensity of a plurality of signals received by the to-be-located terminal and a distance calculation formula; calculating the initial position coordinates of the to-be-located terminal according to the initial distances and the distance calculation formula; determining whether there is human body shading of the to-be-located terminal for each anchor node or not according to the obtained position coordinates of the anchor nodes, the moving direction ofthe to-be-located terminal and the initial position coordinates; determining a human body shading error of the to-be-located terminal at the anchor node with the human body shading corresponding to the initial position coordinates through a pre-built human body shading error model; and updating the intensity of the signals received by the to-be-located terminal according to a human body shading error. According to the embodiment of the invention, the method can obtain a more accurate human body shading error in a positioning system.