The invention discloses a paper hole monitoring method and a paper hole monitoring system based on a high speed camera. The paper hole monitoring method based on the high speed camera includes the steps: sequentially arranging a material mixing mechanism, an upper shaping paper unreeling mechanism and an extrusion shaping mechanism in the moving direction of a production line of gypsum boards, andstarting the production line of the gypsum boards; using a paper hole monitoring camera above upper shaping paper to shoot a surface image of the upper shaping paper, and judging if a paper hole appears in the shaping paper image after processing the image; calculating time needed by moving from the paper hole to the extrusion shaping mechanism according to the distance between the paper hole andthe extrusion shaping mechanism and the transfer speed of the upper shaping paper unreeling mechanism to the upper shaping paper; and shielding electrical signals between a shaping paper probe and ashaping plate within the time needed by moving from the paper hole to the extrusion shaping mechanism. The paper hole monitoring method based on the high speed camera can timely discover if the paperhole appears in the surface of the upper shaping paper by detecting the upper shaping paper in real time, prevents that the shaping plate is lifted up by mistake, and causes generation of waste, reduces production cost, and improves production speed.