The invention discloses a parameter identification system and method of an induction motor. The invention comprises a test system for on-line identification on a parameter of the induction motor, a reinforcement learning framework suitably used for identifying the motor parameter and a q-learning-based parameter identification method of the induction motor, wherein the test system can be used for acquiring data such as a real-time voltage, a real-time current, a real-time temperature and a real-time torque, which are needed by an on-line identification algorithm, of the motor, the data is used for identifying the parameter, the reinforcement learning framework comprises a state variable in a reinforcement learning environment, an award value and selection of an action mode, and by the q-learning-based parameter identification method, a data set is generated in real time and the parameter is identified during the running process of the test system. By the parameter identification system and method, the conflict problem of difficulty in acquiring identification accuracy and a training set is solved, a special motor mathematical model is not depended, high universality is achieved, and the data set can be generated in real time and is not needed to be prepared in advance; the identified parameter takes optimal output performance as priority and is free from influence of change of an actual physical parameter, and the identification accuracy is high; and the rotor resistance of the induction motor can be identified, and the excitation inductance of the induction motor can also be identified.