The invention discloses an optical fiber vibration sensing system of a single light source pulse and a sensing method of the optical fiber vibration sensing system of the single light source pulse. Under the control of FPGA, a code is formed by an optical pulse, coded pulsed light is formed through a coupler, a sensing optical fiber is injected through an optical fiber circulator, interference is generated by backward propagation scattered light generated in the process of the propagation of the sensing optical fiber, the interference enters into the coupler through the optical fiber circulator to be interfered with local oscillating light, and beat frequency signals are generated; the beat frequency signals are converted into electrical signals by a photoelectric detector, difference frequency components are filtered through a band-pass filter circuit, the reduction of beat frequency is achieved through a frequency mixer, at last the signals are collected and amplified by a collection card, in an upper computer, the respective amplitude modulation and demodulation of each control frequency are achieved, and decoding and location processing are carried out. The optical fiber vibration sensing system of the single light source pulse has the advantages, peculiar to a distributed optical fiber detecting and monitoring system, of being distributed and subject to small external disturbance such as electromagnetism, the installation is convenient, and various vibration detecting and monitoring application, especially for long distance pipeline monitoring and perimeter security, can be met well.