The invention provides an optical fiber current sensing system which comprises a photoelectric detector, a signal processing unit, as well as a light source, a Y-shaped wave guide, a 45-degree welding point, a strip-shaped waveguide modulator, a polarization maintaining optical fiber and an optical fiber current sensing device which are sequentially connected with one another, wherein the Y-shaped wave guide is provided with a first branching end, a second branching end and a combining end, and is used for converting a light beam which is received from the light source through the first branching end into a linearly polarized light, receiving the light beam which is returned from the optical fiber current sensing device and carries the conductor current information from the combining end, and outputting from the second branching end; and the photoelectric detector is used for detecting the intensity of interference light outputted from the second branching end of the Y-shaped wave guide, converting the light intensity information into an electric signal, and transmitting to the signal processing unit. The optical fiber current sensing system adopts a double-waveguide structure, the polarization performance of a light path can be improved due to the Y-shaped wave guide, and the optical phase can be modulated due to the strip-shaped waveguide modulator, so that the light path has the advantages of being simple in structure and high in light path polarization stability.