The invention discloses an assembling and adjusting device and method of F-shaped track panels. The assemling and adjusting device comprises horizontal adjusting devices, and longitudinal compaction devices, wherein each horizontal adjusting device comprises a first portal bracket and horizontal adjusting assemblies respectively arranged on two sides of the upper surface of the first portal bracket; each longitudinal compaction device comprises a second portal bracket, and longitudinal compaction assemblies respectively arranged on two sides of the upper surface of the second portal bracket. In accordance with the assembling of F-shaped track panels with the same linetypes, positioning and adjusting only need to be performed once, the assembling and adjusting device can be repeatedly used for the assembling construction task of a plurality of F-shaped track panels, the adjustment speed is high, the operation is simple, and artificial measurement for many times is not needed, so that the construction steps are simplified, the labor cost is reduced, and the production efficiency is improved.