The invention provides a hydrogen production method. The method comprises the steps of enabling feed gas to enter a pyrolysis reactor in presence of iron powder so as to have reaction, and then separating reaction effluent to obtain a gas phase material and a solid phase material; enabling the gas phase material to enter a sulfur catcher for recovering elemental sulfur, and then enabling the gas phase material without the elemental sulfur to enter a desulfurization device and react with an absorbent to obtain hydrogen-rich gas and rich absorbing liquid; enabling the rich absorbing liquid to enter a regeneration tower to obtain a regenerated absorbent and desorbed gas; sending the solid phase material into a magnetic field separator, and separating to obtain ferrous sulfide and the iron powder. The invention also provides a hydrogen production system. After the hydrogen production method and the hydrogen production system are adopted, the decomposition rate of H2S is improved.