Disclosed is a system and a method for monitoring water inrush, including: a host terminal, a field host, at least one controller and at least one electrode array. Each electrode array is placed in one borehole and to detect electric field signals of surrounding rocks around the borehole; each controller connects with one electrode array and is to control the electrode array to carry out a high-density induced polarization measurement on the surrounding rocks; the field host connects with the controller and is to send control signals to the controller, receive and process the electric field signals output by the electrode array; and the host terminal connects with the field host and is to receive the electric field signals processed by the field host, determine changes on apparent resistivity and apparent chargeability of the surrounding rocks, and determine whether there exists water inrush according to the changes.