The invention relates to a substation equipment overhauling manner determination method and device. The method comprises the following steps of: obtaining operation information of substation equipmentand obtaining problem information from the operation information; determining a history occurrence frequency, a history recovery frequency and a history recovery average time length of the problem information; calculating an influence factor of the problem information according to the history occurrence frequency, the history recovery frequency and the history recovery average time length of theproblem information; determining an influence risk, for the substation equipment, of the problem information according to the influence factor; and determining an overhauling manner according to the influence risk. According to the method, the problem information is determined according to the operation information, so that the problem information can reflect the current practical operation condition in time; and moreover, the influence risk is obtained according to history data of the problem information, so that the influence risk can better reflect the operation trend of the substation equipment, the overhauling manner determined according to the influence risk more fits the practical operation condition of the substation equipment, and then the substation equipment can be overhauled correctly, rapidly and timely.