The invention provides an optical mutual inductor calibration and operation monitoring method and a system so as to solve the problem that measurement is inconvenient. The system comprises a computer, a calibration module, an on-line operation monitoring module, a current generation module, a combination unit, a computed tomography (CT) electrical unit, a fiber optical current transformer (FOCT) optical cable, a gas insulated switchgear (GIS), an equal ampere-turn cable and an equal ampere-turn optical fiber sensitive ring. The current generation module generates current signals. The equal ampere-turn cable amplifies the current signals penetrating through the equal ampere-turn sensitive ring. The calibration module collects the current signals inside the equal ampere-turn cable as the standard signals, receives detected current received by the CT electrical unit at the same time after framing of the combination unit, and transmits the detected current in a packaging mode to the on-line operation monitoring module. The on-line operation monitoring module processes received data, obtains ratio error value and angular difference value of a calibrated optical mutual inductor, and sends the ratio error value and the angular difference value to the computer. The method and the system monitor performance index of the optical mutual inductor on the condition that power is not off in real time, and are safe, high in calibration precision, fast in speed, and high in efficiency.