The invention discloses an all-fiber current transformer temperature and vibration feedback compensation system and a measuring method. The system comprises an LD frequency sweep light source, a dataacquisition module, a vibration measuring module and a computer. The LD frequency sweep light source is connected with a first coupler. The first coupler is connected with a temperature sensing probe,a photoelectric conversion module and a first optical circulator. The first optical circulator is successively connected with a fiber polarizer, a phase modulator, a polarization maintaining fiber delay line, a fiber quarter wave plate, and a sensing ring, and is connected to the data acquisition module through the photoelectric conversion module. The sensing ring sleeves a current line. The dataacquisition module is connected with the LD frequency sweep light source and the computer, and is connected with the first coupler through the photoelectric conversion module. The vibration measuringmodule is connected to the data acquisition module and a vibration probe. The temperature sensing probe and the vibration probe are disposed on the sensing ring. The system is improved in measurementaccuracy and reliability, and has the advantages of simple structure, fast response and high resolution.