The invention relates to the field of electric power monitoring, and particularly relates to a distribution line current acquisition system and method and a distribution line fault location method. Provided by the invention is a distribution line current acquisition system and method and distribution line fault location method which can realize the distributed monitoring of a distribution network,the acquisition of steady-state current of a distribution line and the monitoring of fault transient current. The on-line acquisition terminal includes a first acquisition terminal, a second acquisition terminal and a third acquisition terminal which are respectively installed on an A-phase line, a B-phase line and a C-phase line and used for acquiring the steady-state current value of the distribution line and the current waveform of the transient current and transmitting the acquired data to a concentrator in a wireless communication mode; and the concentrator is used for collecting data, and the concentrator communicates with a main stator server in a wireless communication mode. The distribution line current acquisition system and method and distribution line fault location method have important significance to the operation state monitoring, load monitoring and fault location of the distribution line.