As a very fundamental principle in quantum physics, uncertainty principle has been studied intensively via various uncertainty inequalities. A natural and fundamental question is whether an equality exists for the uncertainty principle. Here we derive an entropic uncertainty equality relation for a bipartite system consisting of a quantum system and a coupled quantum memory, based on the information measure introduced by Brukner and Zeilinger (Phys. Rev. Lett. 83:3354, 1999). The equality indicates that the sum of measurement uncertainties over a complete set of mutually unbiased bases on a subsystem is equal to a total, fixed uncertainty determined by the initial bipartite state. For the special case where the system and the memory are the maximally entangled, all of the uncertainties related to each mutually unbiased base measurement are zero, which is substantially different from the uncertainty inequality relation. The results are meaningful for fundamental reasons and give rise to operational applications such as in quantum random number generation and quantum guessing games. Moreover, we experimentally verify the measurement uncertainty relation in the presence of quantum memory on a five-qubit spin system by directly measuring the corresponding quantum mechanical observables, rather than quantum state tomography in all the previous experiments of testing entropic uncertainty relations.