The invention discloses a double terminal traveling wave fault location method compatible with an intelligent substation and a traditional substation. The method comprises the following steps: A, respectively mounting traveling wave sensing devices on an intelligent substation S and a traditional substation R on the two sides of an electric transmission line, accessing equipment grounding signals on one side to the traveling wave sensing device mounted on the substation S, and accessing secondary voltage signals to the traveling wave sensing device mounted on the substation R; B, respectively recording the moments when traveling wave reaches the substation S and the substation R; C, second the moments when the traveling wave reaches the substation S and the substation R to a traveling wave fault location main station; D, working out fault point positions through a traveling wave double-terminal location method through the traveling wave fault location main station. The method can overcome various disadvantages of the existing electric transmission line fault location method, meet the development requirements of current intelligent substations, does not need to add expensive electronic transformers in the intelligent substations, meanwhile, can be further applied to traditional substations, and is high in applicability and fault location accuracy.