The invention discloses a multi-source fault data analysis method based on active time correction. When a Baoxin master station actively initiates a network pair of each Baoxin sub-station, the time difference between the Baoxin sub-station and the Baoxin master station is recorded; when the Baoxin sub-station initiates a network pair of in-station device, the time difference between the Baoxin sub-station and a protection device and a fault recorder is recorded; more than ten corrected single deviations are generated according to the previous time difference, and averaging is performed multiple times, to form a time correction value for each device; when a power grid fails, the Baoxin master station corrects the received information of each secondary device according to the device time correction value; and the Baoxin master station causes corrected action and warning information on protecting devices to reach a recorded broadcast file by combination with protection and a fault recorder, to perform multi-source fault analysis. Power grid fault data is acquired quickly and accurately, the power grid fault analysis and processing capability is greatly improved, power supply is recovered quickly, the fault loss is alleviated, and strong guarantee is provided for power grid operation monitoring.