The invention provides a common electrode voltage compensation method and device and a touch display module. The common electrode voltage compensation method comprises the following steps: sequentially performing touch scanning on at least one column of common electrode blocks in a touch time period, and detecting capacitance values of the common electrode blocks subjected to touch scanning; in the interval stage, calculating the power consumption of the common electrode block according to the capacitance value, obtaining a corresponding common electrode voltage compensation amount according to the power consumption, and adding the common electrode voltage compensation amount and a preset basic common electrode voltage to obtain a compensated common electrode voltage; in the compensation stage, adjusting the common electrode voltage transmitted to the common electrode block to be the compensated common electrode voltage calculated according to the capacitance value. According to the invention, the problem of non-uniform display caused by different transmission loads of common electrode blocks generated after the number of photolithography masks is reduced is solved.