The invention discloses a fault analysis and pretreatment method based on a transient and wave recording type fault indicator. The method comprises steps of: obtaining a wave recording file of the transient and wave recording type fault indicator; performing phase analysis on the first 3 power frequency periods of a wave recording waveform W1, while performing inverse phase process on the wave recording waveform, which does not meet the phase requirement, and re-forming a wave recording waveform W2; calculating values of phase difference, namely Pha, Phb, and Phc, between the three-phase voltage and the current of A, B, and C in W2; judging whether the sizes of Pha, Phb, and Phc belong to the [0 degree, 25 degrees] interval. if so, turning to step 4; and if not, inverting the current waveform, which does not meet the phase requirement, synchronously updating the wave recording waveform W2, and judging whether the sizes of Pha, Phb, Phc belong to the [0 degree, 25 degrees] interval again; if so, turning to step 4; recalculating and updating a zero-sequence current of the updated wave recording waveform W2, based on the three-phase current in the updated wave recording waveform W2.