The invention provides a centralized digital transformer substation system. By adopting various new technologies and new devices, a new level centralized multifunctional intelligent device and a system are realized, thereby laying the foundation for the construction of a digital electric network. Based on an IEC 61850 standard, high speed Ethernet exchange and a virtual local area network (VLAN) technology, the system constructs a digital transformer substation information model and a communication network, and realizes sharing of information of the whole substation. On the basis, function integration of a digital transformer substation is realized and a system structure is simplified. A bay level multifunctional intelligent electronic device, i.e. a system controller integrates the functions of protection, measurement and control, wave recording and the like into a whole, and greatly simplifies the bay level device and wire connection; a process level intelligent terminal integrates the functions of a merging unit and an intelligent operation box into a whole; and all devices of each level provide models and interfaces conforming to the IEC 61850 standard.