The invention relates to a monitoring system and a monitoring method for deformation around a tunnel hole, which belong to the technical field of machine vision. The monitoring system is composed of image processing software, a remote control terminal, a binocular CCD camera, an image capture card, a metal sliding groove, a camera bearing platform, and an input-output unit, wherein the binocular CD camera is connected with the metal sliding groove by means of the camera bearing platform, a USB video capture card is installed in the binocular CD camera, the binocular CD camera stores data and transfers the data to the remote control terminal by means of the USB video capture card, and the remote control terminal analyzes a picture and obtains data by means of the image processing software,namely, a related algorithm of the binocular vision technology, so as to know the deformation situation around the tunnel hole of the detected tunnel. The monitoring system overcomes the shortcomingsthat the traditional manual handheld instrument is time-consuming, labor-intensive and expensive and does not have the space-time continuity and high-level intelligence, can provide more stable guarantee for the safe construction and operation of the tunnel, improve the traffic engineering construction intelligence level, and effectively reduce the occurrence of detection errors.