The invention relates to an upright magnetorheological polishing device. The device comprises a polishing mechanism and a clamping mechanism; the polishing mechanism comprises a magnetic frame, a coiland a vertically arranged liquid storage pipe; the inner hole of the liquid storage pipe fits a workpiece and contains magnetorheological liquid; the workpiece is clamped by the clamping mechanism tofit the position of the liquid storage pipe; a magnetic field is formed in the inner hole of the liquid storage pipe by the coil, and a flexible polishing film is formed by the magnetorheological liquid; the workpiece and the polishing film move relatively in the vertical direction and rotate relatively along the axis of the workpiece. According to the upright magnetorheological polishing deviceand an upright magnetorheological polishing method, a rheologic effect is generated by the magnetorheological liquid to shear the polishing film with higher yield stress and apparent viscosity and viscoplasticity, the relative movement of the magnetorheological liquid and a to-be-processed surface is utilized to perform material removing on the surface, the polishing process is not limited by theshape of the surface of the workpiece, the polishing efficiency is high, and damage is not generated. The device has a simple structure and is easy to control, and workpieces with different characteristics and demands can be polished.