The invention provides an emergency management method of communication equipment of a substation. The method includes following steps: step 1, determining whether the equipment is controlled by in-band network management, and if not, starting an emergency outband network management platform; step 2, finding equipment with faults, and checking the outband channel connection state thereof; step 3, establishing an outband channel if the connection is good, otherwise, ending the process; step 4, after establishing the outband channel, sending information to transmission equipment and exchange equipment, wherein the transmission equipment opens a link, and the exchange creates a channel; step 5, determining whether the network management can be associated, if yes, managing exchange of network management, and if not, ending the process; and step 6, after managing the exchange of the network management, waiting the end of network management operation and closing the channel.