The invention discloses a fault locating method and device for an intelligent substation, wherein the method comprises the following steps of: establishing a network topology corresponding to the intelligent substation, wherein the network topology comprises the association relationships among all secondary equipment in the intelligent substation; monitoring the operation state of the intelligent substation so as to obtain state information; and, in a condition that alarm information is generated in the intelligent substation, determining fault equipment triggering alarm information in the intelligent substation by utilizing the network topology and the state information. By means of the fault locating method and device disclosed by the invention, the technical problem that a fault cannot be located in time in the intelligent substation can be solved.