In order to explore the enhancement effect of basalt fiber on the punching shear resistance of concrete slab, and propose amendments to the calculation method for the punching shear bearing capacity of such components, based on the current norms in China. The volume content of fiber (0%, 0.1%, 0.2%, 0.3%) and the fiber length (12 mm, 18 mm) were taken as variables. The effect of each variables on the ultimate bearing capacity of seven concrete slab specimens was studied by punching shear test. Moreover, a finite element analysis model verified by the test was established for expansion parameter analysis. The results show that with the increase of volume content, the ultimate bearing capacity of basalt fiber concrete slab increases first and then decreases. Furthermore, the specimens of basalt fibers with a length of 12 mm and 18 mm are significantly higher than the specimens without fibers, with the maximum increase of 40.9% and 37.3%, respectively. The punching shear resistance of concrete slab is best improved when the fiber length is 12 mm and the volume content is 0.4%. The calculation value of the punching shear bearing capacity of the code for design of concrete structures (GB 50010—2010) in China is more conservative than the test results. Considering the effect of preventing cracking of basalt fibers on the circumference of critical section, the calculation formula of the punching shear bearing capacity of the code is modified.