The invention provides a working state monitoring and early warning system for a capacitor bank of a substation and belongs to the technical field of the working state monitoring and early warning forthe capacitor bank of the substation. The technical problem to be solved by the present invention is to provide a working state monitoring and early warning system for the capacitor bank of the substation. The technical solution adopted to solve the technical problem is as follows: the system comprises a capacitor bank monitoring device; a central controller is arranged inside the capacitor bankmonitoring device; the central controller is respectively connected to a camera, a sound and light alarm module, a data storage module, and a power module through wires; the central controller is further connected with a wireless communication module; and the wireless communication module is wirelessly connected with a wireless temperature measurement module, a monitoring terminal, and a monitoring center computer through wireless network. According to the working state monitoring and early warning system for the capacitor bank of the substation, the invention is applied to a place for monitoring the capacitor bank of the substation.