The invention provides a transformer substation tripping and closing loop accurate monitoring device and method. The device comprises a tripping and closing loop, a test loop, a linear power amplifier, a DA module, an FPGA, a power resistor, a first path signal amplification module, a first path AD acquisition module, a Hall sensor, a second path signal amplification module, a second path AD acquisition module, a temperature and humidity sensor and an input module. According to the invention, the tripping and closing loop current of the transformer substation is accurately monitored, the tripping and closing states can be recognized, the situation that the tripping and closing loop current is abnormally increased due to line aging and other reasons possibly occurring in long-term operationof the transformer substation can be monitored, fault points are rapidly positioned, and safe operation of a power grid is effectively guaranteed.