The invention discloses an on-line engine oil quality monitoring system and method adopting multi-sensor information fusion. The engine oil quality monitoring system comprises a test oil circuit control valve, a metal abrasive grain detection device, a comprehensive quality detection device, a viscosity detection device, an engine oil cooling device, a data processing module, an STM32 measurement and control main unit, a man-machine interaction module and the like, wherein the viscosity detection device consists of an engine oil sampling device, a thermostatic oil-bath box, a heater, a constant-flow pump, a liquid level sensor, an oil-bath temperature sensor, a sampling temperature sensor, a pressure sensor, a balanced flow sensor and a pressure control valve. The on-line engine oil quality monitoring system is mounted at the downstream of a lubrication circuit oil pump of an automobile engine, can monitor the viscosity of engine oil, the content of metal abrasive grains and changes of such comprehensive qualities of engine oil as the pH value and the moisture content on line, adopts the multi-sensor information fusion technology to comprehensively analyze the oil state, displays information of the oil state through a display and sends an early-warning signal if necessary.