The invention belongs to the technical field of microgrids and discloses a low-frequency and low-voltage load shedding protection system in a microgrid environment. The system comprises a system end and a microgrid. The microgrid includes a power supply module and multiple electric terminals. Each electric terminal includes a smart energy meter, an execution unit and a load unit. The power supplymodule supplies power to load units through execution units. Each execution unit is used to control the on/off of the power of a load unit. The smart energy meter includes a meter module, a control module and a communication module. The output end of the control module is connected with the control end of the execution unit. The control module is connected with the system end through the communication module. The system end is connected with the output end of the power supply module. According to the invention, real-time fast load shedding control can be realized, and the stability of the system is further improved.