The invention relates to an explosion-proof security evaluation method of a substation. The method comprises the steps of (S1) selecting a plurality of damaged objects from the substation after an explosion accident appears as evaluation points, building a finite element model for the evaluation points and carrying out numerical simulation to obtain dynamic load curves of the evaluation points separately; (S2) obtaining corresponding explosion load peaks according to the dynamic load curves of the evaluation points and determining the explosion load peaks of the surrounding areas of the evaluation points by the explosive similar law separately; (S3) making the explosion load peaks of the evaluation points and the surrounding areas equivalent to static loads respectively; and (S4) carrying out structural static analysis according to the static loads of the evaluation points and the surrounding areas separately and evaluating the explosion-proof security of the substation. Compared with the prior art, the evaluation result is accurate; guidance can be provided for construction of the substation in the future; and the explosion loss and threat are reduced.