The invention relates to a method and device for locating an embedded bushing of a foundation bolt. The device for locating the embedded bushing of the foundation bolt consists of a bushing sleeve, a locating round disc and a clamping seat, wherein the bushing sleeve consists of a wood cake, a bushing and a sleeve, the locating round disc is provided with a centering pin, a leveling bubble, a magnetic annular ring and a pin cap, and the clamping seat consists of a clamping block, a hinging seat, a spring and a handle. The diameter of the wood cake is equal to the inner diameter of the embedded bushing, the wood cake is arranged at the central point of an arrangement position of the embedded bushing on a base template, the bottom end of the embedded bushing is sleeved on the wood cake, the sleeve is sleeved at the top end of the embedded bushing, the leveling bubble is used for regulating verticality, the centering pin is used for measuring a relative position or an absolute position of the bushing by matching with a steel wire line and a steel measuring tape, and the top end of the embedded bushing is fixed firmly longitudinally and transversely by using an angle steel or an channel steel after the embedded bushing is regulated to be allowed deviation. The location precision is that the relative displacement between bushing centers is smaller than or equal to 1mm and the vertical deviation is smaller than or equal to 3mm; in addition, the embedded bushing of the foundation bolt of a foundation running layer of a turbine generator in a thermal power plant is located by using the method for locating the embedded bushing of the foundation bolt, disclosed by the invention, so that manual works can be reduced by a half and efficiency can be increased doubly.