The invention provides a traveling wave direction pilot protection method, which comprises the following steps of: respectively acquiring a wave head polarity of a current fault initial traveling wave and an initial polarity of a power frequency component in a voltage fault traveling wave at the first side of the high voltage transmission line, and respectively acquiring a wave head polarity of a current fault initial traveling wave and an initial polarity of a power frequency component in a voltage fault traveling wave at a second side of the high voltage transmission line; comparing a wave head polarity of a current fault initial traveling wave with an initial polarity of a power frequency component in a voltage fault traveling wave at a local side so as to determine a fault direction at the local side; and exchanging information of a fault direction at the first side with information of a fault direction at the second side, comparing the information of the fault directions between the two sides, judging whether the high voltage transmission line has an internal fault and determining whether to carry out the operation of relay protection. The invention also provides a traveling wave direction pilot protection device and a traveling wave direction pilot protection system, which can be applied to the high voltage transmission line and can rapidly and accurately detect the fault and the type of the fault and carry out protection operation.