The invention relates to the technical field of electrical equipment, and provides a management method and management device of a transformer substation cover plate, a terminal device and a computer readable storage medium. The management method is applied to transformer cover plate storage equipment. The management method comprises the steps that an extraction instruction is received; the transformer cover plate corresponding to the corresponding transformer model is determined based on the cover plate extraction instruction; the position of a target cover plate is selected based on the transformer cover plate corresponding to the transformer model, and the position of the target cover plate is the storage position of the transformer cover plate corresponding to the transformer model; andthe position of the selected target cover plate is indicated by the status indicator of indicator lights at storage positions on storage brackets. The management method and management device of the transformer substation cover plate and the terminal device improve the convenience of extracting transformer substation cover plates.