The invention discloses an algorithm model based elevator traction steel wire rope state monitoring and early warning system and method and relates to a monitoring and early warning system and method.The algorithm model based elevator traction steel wire rope state monitoring and early warning method comprises the following steps: a, electrifying a steel wire rope with current I, and detecting the voltage value U of the steel wire rope; b, operating an elevator for one period for the first time, and calculating and recording the initial characteristic value of the steel wire rope when the elevator is in the initial state; c, when the elevator is monitored to operate, collecting and calculating the monitored characteristic value of the steel wire rope within one period and saving the monitoring characteristic value; d, according to the characteristic value of the steel wire rope, judging whether the steel wire rope has the stretching, wearing and rupturing phenomena, if yes, carrying out the step e; otherwise, repeatedly carrying out the step c; and e, sending the stretching, wearing and rupturing information of the steel wire rope and the changing position information of the steelwire rope to a terminal and a management platform. The algorithm model based elevator traction steel wire rope state monitoring and early warning system comprises a current module, a voltage detecting module, a memory module and the like. With adoption of the algorithm model based elevator traction steel wire rope state monitoring and early warning method, manpower and material resources for elevator operation can be reduced, and the risk that the entire steel wire rope fractures to cause a major accident is lowered.