The invention discloses a method for predicting wind speed and power of a wind farm based on wavelet decomposition and a support vector machine. The method comprises: acquiring wind speed and power historical data of a whole wind farm in a preset time, to obtain a historical wind speed time sequence and a historical power time sequence of the wind farm; using a wavelet packet decomposition technology to perform wavelet packet decomposition on the historical wind speed time sequence, to obtain a low-frequency stage component, a middle-frequency stage component, and a high -frequency stage component of the historical wind speed time sequence; using a grey support vector machine prediction model to predict each component of the historical wind speed time sequence, and then using wavelet packet reconstruction to obtain short-period wind speed prediction data; using historical wind electricity power data and numerical weather prediction wind speed data as a training set to establish a grey support vector machine model, predicting wind electricity power; predicting the obtained wind speed prediction data and the wind electricity power prediction data through a RBF neural network, to obtain a final prediction value of the wind electricity power.