Cable test equipment and test method

The invention provides cable test equipment and a test method. The cable test equipment comprises an excitation output device and a test measurement device, the excitation output device is provided with a variable-frequency power supply and an excitation transformer, and the variable-frequency power supply is electrically connected with the input end of the excitation transformer so as to supply power to the excitation transformer through the variable-frequency power supply; the test measurement device comprises an adjustable transformer and a cable test piece, the adjustable transformer comprises an iron core, and an input coil, a first output coil and a second output coil which are arranged on the iron core, and the input coil is electrically connected with the output end of the excitation transformer; when the test measuring device is in a first state, one of the first output coil and the second output coil is electrically connected with a cable test piece. When the test measuring device is in a second sta