A TBM-mounted virtual reconstruction system and method for a tunnel surrounding rock structure, the method including: obtaining image information of surrounding rock; receiving the image information of the surrounding rock; transforming and splicing pictures taken at different angles, to form a complete image reflecting the surrounding rock; recognizing and describing a surrounding rock feature of the complete image, and transmitting the annotated image to a virtual reconstruction module; displaying the complete image with a description of the surrounding rock feature by using a virtual reality device, to reflect surrounding rock situations at different angles/different positions. This has the advantages of high equipment automation, not prolonging the construction time, not requiring the sketcher to enter the tunnel, precise surrounding rock feature parameters, and supporting remote control.