The present invention discloses a dynamic voltage scaling system based on on-chip monitoring and voltage prediction, comprising a main circuit that has integrated on-chip monitoring circuits, a supply voltage scaling module, and voltage converters, wherein, the supply voltage scaling module comprises a sampling and statistics module designed to calculate the error rate of the main circuit in the current time slice, a state recording module designed to record the error rate and the corresponding supply voltage, an error prediction module, and a state transition probability generation module; the error prediction module predicts the error trend of the main circuit in a future time slice according to the state recording module and the state transition probability generation module, and generates regulation signals and sends to the corresponding voltage converters, so as to generate the voltage required for operation of the entire main circuit. The present invention utilizes the Markov theory to predict the “future” timing violation level of the circuit according to the “past” working condition and “current” working condition of the main circuit, and reserves some time for voltage scaling in the voltage converters; as a result, the dynamic voltage scaling has high directivity and purposiveness.