A method used for precisely measuring the placement of the fast or slow axis of wave plate is presented. In this method, a test wave plate is placed between a polarizer and an analyzer. With the polarizer and analyzer being rotated to different positions, the intensity of the emergent light is measured and one of the optics principal axes of the test wave plate is marked. Then whether this optics principal axis is a fast or slow axis is measured by checking the state of the emergent light polarization. By taking the method of identifying the intensity value near the inflection point, the error caused by directly searching the extreme value of the light intensity can be avoided and the accuracy of determining axis can also be improved significantly. In addition, the source of the determining axis accuracy, which is ±0.1° . is also analyzed in detail. With regard to the method, there are no requirements for the wavelength of the light source or the linearity, undercurrent and isotropy of the photoelectric detector. Above all, it can be applied to determining the axis of wave plate with any phase retardation.