The invention relates to a real-time monitoring device for relaying protection equipment. The real-time monitoring device for the relaying protection equipment comprises a first transmitter-receiver set, a second transmitter-receiver set and a checking device, wherein the first transmitter-receiver set is connected with a master control device and capable of transmitting and receiving signals, the second transmitter-receiver set is arranged on the relaying protection equipment and capable of transmitting signals with the first transmitter-receiver set, the checking device is arranged on the relaying protection equipment and checks the relaying protection equipment, and the second transmitter-receiver set is connected with the checking device through signals. The invention further relates to a method which adopts the relaying protection equipment real-time monitoring device to conduct real-time monitoring on the relaying protection equipment. According to the real-time monitoring device and the monitoring method for the relaying protection equipment, real-time monitoring for the relaying protection equipment can be achieved, so that all operation exception can be found in time, incorrect operation caused by long-time abnormal operation of the relaying protection equipment can be avoided, incorrect judgment and omission of device states caused by manual inspection tour are also avoided, and safety performance of an electrical power system is greatly improved.