The invention discloses a freight vehicle speed control system and method. The system comprises a vehicle-mounted controller, an engine power device management module, a rotating speed sensor, a vehicle-mounted gyroscope, a voice prompt device, and a radar sensor disposed at the front end of a vehicle, wherein the engine power device management module, the rotating speed sensor, the vehicle-mounted gyroscope, the voice prompt device and the radar sensor are connected with the vehicle-mounted controller. The running speed and the running horizontal state of a vehicle are obtained in real time,meanwhile, the vehicle speed is controlled by adjusting fuel supply of an engine in combination with obstacle information in front of the vehicle, it is ensured that the vehicle speed is kept at the optimal economic vehicle speed to the maximum extent, and the use frequency and strength of a brake device are reduced through long-distance fuel cut-off sliding; and therefore, the stability of the efficiency of a braking system is ensured, and the driving safety of the vehicle is improved. The vehicle driving state is obtained through the vehicle-mounted gyroscope, so that the current road gradient can be effectively judged, road auxiliary information is provided for a driver, a safe driving environment is provided for a truck, fatigue caused by long-term driving is effectively reduced, and driving safety is improved.