Inertial sensors are the key payloads in space gravitational wave detection missions, and they need to ensure that the test mass (TM), which serves as the inertial reference, freely floats in the spacecraft without contact, so that the TM is not disturbed by the satellite platform and the cosmic environment. Space gravitational wave detection missions require that the residual acceleration of the TM should be less than 3×10−15ms−2Hz−1/2. However, the TM with charges will interact with surrounding conductors and magnetic fields, introducing acceleration noise such as electrostatic force and Lorentz force. Therefore, it is necessary to carry out charge management on the TM, in which the high-precision measurement of charge is crucial. Space gravitational wave detection missions require a residual charge measurement accuracy of 3×10−13C for the TM. In this paper, we design a high-precision inertial sensor charge measurement method based on phase-sensitive demodulation (PSD). By establishing a torsion pendulum rotation model based on the force modulation method, the characteristics of the TM torsion angle signal are analyzed. The PSD is used to extract the amplitude of the specific frequency signal component containing the charge information, and then to calculate the value of the accumulated charges. The method is compared with the Butterworth band-pass filtering method, and the simulation results show that the method has a higher measurement accuracy, shorter settling time, and stronger anti-interference ability, meeting the TM residual charge measurement accuracy index requirement.