The present invention relates to a measuring value authentication method based on digital signatures, which utilizes a password algorithm with identification ability to digitally sign the measuring value of a measuring meter, such as an electricity meter, a water meter, a gas meter, a heat energy meter, etc., and a measuring value electronic authentication system consists of a coder and a decoderthat are based on the password algorithm. The coder connected with the measuring meter reads a measuring value and then utilizes an encryption algorithm to realtimely convert the measuring value and the user identity information into a code, that is, a digital signature; whereas the decoder utilizes a decryption algorithm to revert the code back to the corresponding measuring value and the user identity information, that is, a verification digital signature. The basic operation of the measuring value electronic authentication is divided into two steps, the authentication registration and the authentication, wherein the authentication registration is a process in which a service provider registers the code generated by the coder, and the authentication is a process in which the service provider utilizes the decoder to revert the code obtained by the authentication registration back to the corresponding measuring value and the user identity information. Characterized in strong conditionality and simple operation, the present invention eliminates the defect that the authenticity of data is hard to be verified in manual metering.