The present invention provides a system and a method for detection of performances of a phase modifier transformer bank protection device. The system comprises a phase modifier physical simulation unit, a main transformer physical simulation unit, a grounding transformer physical simulation unit, a frequency conversion starting device physical simulation unit, an excitation system physical simulation unit, a bus simulation unit, an injection loop physical simulation unit, a grid connected switch physical simulation unit, a transmission line physical simulation unit, an infinity system physicalsimulation unit and a plurality of current and voltage transformer physical simulation units. The system can fully simulate the operation mode and the operation features of a phase modifier transformer bank in an actual system, arranges fault points in the system, detect faults in each fault point through adoption of a mode of simulation for the phase modifier scene operation to reduce the information of the phase modifier transformer bank protection device to be detected and determine whether maloperation and movement refusing are generated or not so as to effectively verify the reliabilityand the power swing of the phase modifier transformer bank protection device.