The invention discloses an oil and gas pipeline corrosion and leakage monitoring and early warning system and method based on OFDR optical fiber sensing. The system comprises distributed optical fiberstrain sensors, distributed optical fiber temperature sensors, a pipeline internal pressure sensor, an OFDR optical fiber data automatic acquisition device, a pavement base station, a pavement base station information display and transmission system, a solar power supply system, a 5G signal transmission system, an optical fiber data processing and analysis system and a display early warning system. The strain sensors annularly laid on the surface of a pipeline are used for monitoring pipeline corrosion through hoop strain, and the pipeline leakage is monitored by the linear laid optical fibertemperature sensors. After the OFDR data acquisition device sends data to the pavement base station information display and transmission system, the hoop strain data or the pipeline surface temperature is transmitted to the optical fiber data processing and analysis system through the 5G transmission system, and the display early warning system monitors and conducts early warning after comparingthe result with a preset alarm value. According to the system, the degree and the size of corrosion are determined through data comparison, the change of the temperature of the outer wall of the pipeline caused by leakage of the oil and gas pipeline is monitored, and remote and site simultaneous monitoring is realized through the pavement base station.