The invention provides a magnetizing inrush current recognition method and recognition device. The magnetizing inrush current recognition method comprises setting a time interval reference; calculating the total harmonics distortion of current through an outlet breaker at the high-voltage and medium-voltage sides of a transformer; carrying out logical judgment on current data of the transformer outlet breaker, identifying magnetizing inrush current and fault current, and ensuring the correct rate of transformer differential protection operation. The magnetizing inrush current recognition device comprises a digital simulation unit, a current measuring unit, a data processing unit, a criterion making unit and an identification unit. According to the technical scheme, less measured data is needed, and the magnetizing inrush current recognition method and recognition device are simple and easy to implement, three phases are independently discriminated, restraint is carried out according tothe phases without being affected by saturation of a current transformer, correct operation of transformer differential protection is ensured, and the magnetizing inrush current recognition method and recognition device are reliable and effective in an application scene that the transformer outlet breaker is not provided with a closing resistor.