The invention discloses a system and method for failure predication and health management of a pump storage unit. The system for failure predication and health management of the pump storage unit comprises an equipment monitoring module, a processing center module and a decision support module; implementing of the method comprises the steps that a state monitoring sensor and built-in self-checking equipment are utilized to monitor the operating states of sub systems of the pump storage unit in real time, and state characteristic data of the sub system of the pump storage unit are obtained; the state characteristic data of the sub systems are processed and analyzed, and a maintenance decision suggestion of the pump storage unit is obtained; and by utilizing the maintenance decision suggestion of the pump storage unit, and through comprehensive analysis, failure predication and health management of the pump storage unit are achieved. According to the system and method for failure predication and health management of the pump storage unit, the system is perfect and reasonable, the method is effective and practicable, the system and the method can be used for implementing preventative state maintenance on the pump storage unit, and the overall operation level of the pump storage unit is enhanced.