The present invention provides a method and a device for measuring a formation elemental capture gamma ray spectrum, pertaining to the field of oil-gas exploration and well logging technologies. The method comprises: performing moderation on neutrons emitted from a neutron source according to a neutron capture cross section of a test sample; and adjusting a relative location of the test sample with respect to the neutron source, so that a standard capture gamma ray spectrum of the test sample is measured and obtained at a location where a thermal neutron flux reacting with atomic nucleuses of the test sample reaches a first predetermined value. The present invention performs moderation on a neutron source according to neutron capture cross sections of different test samples to measure and obtain elemental capture gamma ray spectra of the test samples, thereby obtaining various formation elemental capture gamma ray spectra with higher accuracy.
