The embodiment of the invention provides a motion estimation method and device, electronic equipment and a computer readable storage medium. The method comprises the following steps: acquiring image information of a frame where a current prediction unit is located, performing advanced motion vector prediction by utilizing the image information to obtain a first initial motion vector, determining the motion vector with small rate distortion cost in the first initial motion vector and the motion vector of an adjacent encoding block to an encoding block where the prediction unit is located as a second initial motion vector, and carrying out pixel search on the basis of the second initial motion vector to obtain a target matching block. By applying the embodiment of the present invention, thesecond initial motion vector with a smaller rate distortion cost can be obtained; pixel search is carried out by utilizing the second initial motion vector, so that a target matching block which is more matched with the prediction unit can be obtained, and the accuracy of the prediction unit of the matching block is improved.