The invention belongs to the technical field of driverless vehicles, and particularly relates to a traffic signal lamp identification system based on a video signal image processing technology and anidentification method thereof. The system comprises a vehicle-mounted front camera, an Image recognition device, a Voice chip, a loudspeaker, an accelerator pedal and a brake; an image recognition device is used for judging a signal acquired by the vehicle-mounted front camera; The image recognition device is composed of color recognition, shape recognition, shape secondary confirmation and continuous image recognition result verification, and images collected by the vehicle-mounted front camera are recognized in a double-rail mode based on RGB space on the whole and locally recognized based on HSL space. The traffic signal lamp identification method provided by the invention is simple and efficient, the identification result is confirmed and verified for multiple times, the reliability isvery high, experiments show that the design method is high in accuracy, has the capability of detecting the traffic signal lamp in real time, and can meet the working requirement of traffic signal lamp identification under the actual road traffic condition.