The present invention provides a method for playing back the recorded wave of the electrical power system basing on the real-time simulating system. The method comprises the following procedures: 1) obtaining the wave-recoding file with the method of executing preprocessing to the recorded wave data of the electrical power system; 2) connecting the real-time simulating system to an actual alternating/direct current controlling and protecting device and a safe and stable control device for real-time playing back; and 3) finding out the actual reason for the fault of the electrical power system with the real-time playing back which is more approximate to the actual process of the fault of the electrical power system to obtain the accurate fault analyzing conclusion. As the invention adopts the method of connecting the real-time simulating system to the actual alternating/direct current controlling and protecting device and the safe and stable control device for real-time playing back, the actual reason for the fault of the electrical power system can be quickly discovered and the accurate fault analyzing conclusion can be obtained. The invention is a convenient and practical method for playing back the recorded wave of the electrical power system basing on the real-time simulating system.