The invention brings forward a transformer station optical fiber fault locating system and method, and relates to the field of optical fiber fault detection. A monitoring center comprises: a data management module, a monitoring control module and an alarm module. The data management module is used for maintaining and managing testing information of the monitoring center itself and testing information and parameter configuration information which are sent by a monitoring station. The monitoring control module is used for managing testing information and parameter configuration information of the monitoring station. Testing information and parameter configuration information of the monitoring station are analyzed and stored. Optical fiber performance information acquired by the monitoring station is sent to the monitoring control module to analyze, and the analyzed testing information, parameter configuration information and optical fiber performance information are judged so that warning information is obtained. Warning information is transmitted to the alarm module which is used for locating warning information via geographical location information pre-stored by the alarm module so that fault location information is displayed.