The invention discloses a working method for reducing a power outage time of a transformer substation bus. A device comprises a pedestal, a transmission shaft, a ratchet wheel, a supporting frame body and a pawl, wherein the supporting frame body is arranged on the pedestal; and the pawl is installed on the supporting frame body; the transmission shaft is connected with the supporting frame body via a seat cover; the racket wheel is movably connected with the transmission shaft; a limiting structure and a friction component are arranged on the transmission shaft; a rope winding roller is arranged at one end of the transmission shaft; a fixed pulley for passing through a rope is arranged on a horizontal arm of the supporting frame body; and a hook is arranged at a rope free end of the rope winding roller. The device can quickly realize accurate hoisting of a heavy object, the time for hoisting is short, the overhauling efficiency is high, and the bidirectional self-locking in a mechanical transmission process is achieved; and meanwhile, the operation is convenient, safe and reliable.