The invention provides an on-line monitoring device and method for opening and closing time of a circuit breaker. The device comprises a three-phase current sensor, a three-phase voltage sensor, an analog quantity acquisition unit, a state quantity acquisition unit, a signal processing and storage unit, a central processing unit, a display unit, an operation unit and a communication unit. The three-phase current sensor and the three-phase voltage sensor are connected with the analog quantity acquisition unit, the analog quantity acquisition unit is connected with the signal processing and storage unit, the signal processing and storage unit is connected with the central processing unit, and the state quantity acquisition unit, the display unit, the operation unit and the communication unitare connected with the central processing unit. According to the invention, online monitoring can be carried out through the monitoring device; the influence of inrush current, power transmission, abrupt change of large load, instantaneous single-phase earth faults, opening and closing of other circuit breakers and the like can be eliminated, meanwhile, the on-line monitoring device and method are not influenced by low voltage, overvoltage and load, and the monitoring time is accurate and reliable.