The advancements in Large Language Models (LLMs) have been hindered by their substantial sizes, which necessitates LLM compression methods for practical deployment. Singular Value Decomposition (SVD) offers a promising solution for LLM compression. However, state-of-the-art SVD-based LLM compression methods have two key limitations: truncating smaller singular values may lead to higher compression loss, and the lack of update on the compressed weights after SVD truncation. In this work, we propose SVD-LLM, a SVD-based post-training LLM compression method that addresses the limitations of existing methods. SVD-LLM incorporates a truncation-aware data whitening technique to ensure a direct mapping between singular values and compression loss. Moreover, SVD-LLM adopts a parameter update with sequential low-rank approximation to compensate for the accuracy degradation after SVD compression. We evaluate SVD-LLM on 10 datasets and seven models from three different LLM families at three different scales. Our results demonstrate the superiority of SVD-LLM over state-of-the-arts, especially at high model compression ratios. Our code is available at https://github.com/AIoT-MLSys-Lab/SVD-LLM