The invention discloses a generator excitation protection circuit, which comprises: a multi-kinetic energy power meter for measuring the excitation current of a generator excitation circuit, a suppression unit for suppressing the excitation current, and an electric control switch unit connected in parallel with the suppression unit. When the excitation current exceeds the rated excitation current,the suppression unit is put into the generator excitation circuit to suppress the excitation current. The generator excitation protection circuit of the invention directly provides protection againstsurge in the excitation circuit, and prevents the excitation current from being greatly increased by using the suppression unit when the generator excitation current is abnormal, thereby preventing the over-high instantaneous current of the generator from impacting the power grid in the event of the breakdown of a silicon-controlled rectifier of an excitation device, and improving the stability and reliability of the excitation device. The present invention also provides an excitation system including the generator excitation protection circuit.