The invention discloses a high-sensitivity traveling-wave protection method for a high-voltage direct current power transmission line. The method sequentially comprises the steps of powering on a relay protection device; assigning values to traveling-wave protection fixed values Delta initial, Delta u, Delta T, Delta i and Delta du/dt; measuring the voltage u and current i of the line, and calculating a voltage change rate du/dt; judging whether du/dt is greater than Delta initial or not, entering the next step if du/dt is greater than Delta initial, otherwise repeating the step; calculating a voltage change rate calculation value du/dtAVG, an average current change value iAVG and duration T meeting the condition that u is smaller than Delta u; judging whether iAVG at a point is greater than Delta i or not, whether du/dtAVG at the point is greater than Delta du/dt or not and whether T more than or equal to Delta T exists in a time period t1 or not if du/dt is greater than Delta initial, starting protection if the three conditions are met, otherwise continuing judging whether du/dt is greater than Delta initial or not. According to the method, the addition of converter station communication is avoided, and the method is quick in response and high in sensitivity.