The invention provides a self-healing intelligent line lightning protection device and a lightning protection method thereof. The device comprises a lightning arrester composed of an insulated supporting column and a lightning arrester body nearby the insulated supporting column. An upper end of the insulated supporting column is fixedly connected with the upper end of the lightning arrester bodythrough utilization of a holder. The upper end of the insulated supporting column is a high voltage wiring terminal. A lower end of the insulated supporting column is a grounding terminal. The lower end of the insulated supporting column is connected with the lower end of the lightning arrester body through utilization of a release. A discharge gap module is connected between the upper end of theinsulated supporting column and a high voltage line in series. The device and the method are simple in design. Through design of the release, the discharge gap module and the lightning arrester, isolation with a power grid can be automatically carried out under the condition that a fault occurs in the lightning arrester. It is ensured that after the lightning arrester is exploded due to excessively great lightning strike, operation and maintenance staff can carry out live replacement, full line power cut is avoided, and power supply reliability is improved. Through utilization of the release,it is ensured that after the lightning arrester is exploded due to the excessively great lightning strike, the release acts accurately, the lightning arrester exits power grid operation, so a grounding fault does not occur in the line.