The invention belongs to the technical field of a live fixing device for installing and disassembling a lead and a method for installing and disassembling the lead, and discloses a live line insulated locking lever, and the method for installing and disassembling the lead. The main technical characteristics of the live line insulated locking lever are that the live line insulated locking lever comprises a lock thread body at the front part, and an insulating bar at the rear part; baffle blocks with arc curve surfaces are arranged on the lock thread body near the middle part from front to back; a front fixture block and a rear fixture block for forming a lead neck and a down-lead neck between the baffle blocks are respectively arranged at the front part and the rear part of each baffle block; each front fixture block is controlled through the insulating bar, and each rear fixture block is controlled through a control mechanism. When a down-lead is arranged, firstly, the down-lead is fixed into each down-lead neck; the insulating bar is held in hand to put the lead into each lead neck; an injury of discharge to operating personnel in contact is avoided; the down-lead and the lead are fixed together by rotating the insulating bar, and a worker can finish the work of installing the down-lead. Therefore, an electric shock accident of a maloperation caused by the reasons such as cooperation of two workers is avoided; manpower is saved, and the labor intensity is also reduced.