The invention relates to a valve spring lock plate installation and removal tool, which includes a gripping body, two replaceable extension pieces, and at least a plurality of arc-shaped clamp heads. The replaceable extension pieces are respectively provided in the assembling sections of the gripping body in a detachable state, and each of the replaceable extension pieces has at least one magnetic insertion structure arranged at one end thereof. The arc-shaped clamp head has at least one connecting portion provided on one side thereof, which can cooperate with the magnetic insertion structure, so that the arc-shaped clamp head is magnetic. The arc-shaped clamp head has at least one step portion formed an inner side thereof, when the arc-shaped clamp heads are operated to relatively close to the outer edge of the limiting valve lock plate, the step portion can abut against the valve lock plate and have a limiting effect.