The invention discloses a rapid and accurate monitoring system for the deformation of surrounding rock of an underground roadway and a monitoring method of the system. The system comprises a rubber belt, code reference points, non-code reference points, a fixed scale, cameras and a computer; each non-code reference point is composed of a non-code center point, and each code reference point consists of a code center point and annular codes. The monitoring method of the system comprises the steps that S1, the rubber belt is fixed on the section of the roadway, wherein the shape of the rubber belt is identical to that of the section of the roadway; S2, the code reference points and the non-code reference points are inserted in the rubber belt at intervals, and the fixed scale is hung betweentwo code points; S3, the cameras are connected with the computer, and camera lens are aligned with the rubber belt; S4, an automatic photographing mode is adopted for recording the movement process ofthe code reference points and the non-code reference points; S5, collection is completed, and photo information is transmitted to the computer; S6, system measurement software calculates the three-dimensional coordinate changes of the code reference points and the non-code reference points; S7, the deformation of the surrounding rock of the entire roadway is analyzed.