The invention discloses a system with dual coil assemblies for online monitoring chippings in lubricating oil. The system comprises a power module, a sensor module, a signal demodulation module and anupper computer, and is characterized in that the power module is provided with a first positive voltage output end, a negative voltage output end, a second positive voltage output end and a third positive voltage output end, the sensor module comprises a sensor driving module used for producing sensor excitation signals, a first excitation module, a first sensing module, a second excitation module and a second sensing module, and the signal demodulation module comprises a first differential amplification module, a first phase-sensitive demodulation module, a first lowpass filtering module, afirst super servo amplifier module, a second differential amplification module, a second phase-sensitive demodulation module, a second lowpass filtering module, a second super servo amplifier module,an AD sampling module and a DSP control module. The system has the advantages that the signal demodulation module has totally two paths, the detection missing rate is effectively lowered, the reliability of the detection result is improved, and the detection efficiency and detection precision are high.