This paper presents a high-precision Hall effect measurement system utilizing a lock-in amplifier and outlines its performance optimization. The systems measurement accuracy is validated using standard Hall effect samples, with a comparative analysis of results from DC and AC testing methods. Three standard samples are selected for the experiments. In the DC measurement, the fitting errors of the measured Hall sensitivity range from approximately 0.45% to 1.0%. For the AC measurement, the influence of frequency and current on the measurement results is investigated by varying the frequency and voltage parameters of the lock-in amplifier. The results show that, in the low-frequency range, the Hall sensitivity fitting error in the AC measurement is as low as 018%. Experimental findings demonstrate that the AC Hall effect measurement method provides superior noise resistance and sensitivity compared to the DC method, enabling more stable and accurate detection of weak signals. This study offers a systematic reference for optimizing Hall effect measurement technology and highlights the potential of the AC method for high-precision signal detection.