The invention relates to a power distribution network health state analyzing method based on traveling wave electrical quantities. The method includes the steps of determining the range of the monitoring area of a power distribution network to ensure that outgoing lines of a main feed line in the network are each provided with a traveling wave detecting device, a working frequency information detecting device and a communication device; collecting the traveling wave electrical quantities and the working frequency electrical quantities on a distribution line in real time; judging whether traveling wave disturbance happens to the monitoring area or not according to the traveling wave electrical quantities, and analyzing whether the traveling wave disturbance is caused by failures of an electrical system in the monitoring area or not; if yes, showing that the electrical system in the monitoring area fails and is in an unhealthy state; if not, determining a traveling wave disturbance source with the aid of a DMS system, a power grid weather information system and a geographic information system; analyzing the performance state of the electrical system according to the traveling wave disturbance source, providing important information for the device management strategy and power grid risk control, and finally obtaining the power distribution network health state analyzing result. On the basis of ensuring the safety and reliability of the power distribution network, the running efficiency of the power distribution network is improved, and operating and maintaining expenses are reduced.