A speech recognition system and method based on word-level candidate generation are provided. The speech recognition system may include a speech recognition result verifying unit to verify a word sequence and a candidate word for at least one word included in the word sequence when the word sequence and the candidate word are provided as a result of speech recognition. A word sequence displaying unit may display the word sequence in which the at least one word is visually distinguishable from other words of the word sequence. The word sequence displaying unit may display the word sequence by replacing the at least one word with the candidate word when the at least one word is selected by a user.