The invention discloses a low power consumption transmission system and method for oil field data collection. The method comprises the following steps: initializing a Lora terminal and a Lora concentrator; sending, by the Lora terminal, a network access request to the Lora concentrator; judging, by the Lora concentrator, whether the Lora terminal is a new node or an old node; if the Lora terminalis the new node, performing network access authentication on the Lora terminal, registering the Lora terminal in a network route established by the Lora concentrator, and performing networking after the network access authentication is successful; if the Lora terminal is the old node, registering the Lora terminal in the network route established by the Lora concentrator, and performing networking; performing, by the Lora concentrator, time synchronization, and distributing time slices through the Lora terminal, and then entering a sleep state; and obtaining, by the Lora terminal, the time slices, entering the sleep state and periodically waking up to report uplink data. According to the low power consumption transmission system and method disclosed by the invention, the collection, transmission and processing of oil field data are achieved by a wireless sensor network of a component of the Lora concentrator and the Lora terminal, the low power consumption transmission system and method are suitable for the application demands of numerous oil field points and large distance, the node power consumption is reduced, and the networking, deployment and maintenance costs are reduced.