The invention discloses a fault diagnosis system and a fault diagnosis method based on sequence and consequence analysis of an event tree. The system comprises a data input module, an event tree resolution module, a fault tree preprocessing module, a fault tree analysis module and a diagram display module, wherein the data input module is used for acquiring reliability data and structure data of a given system, and storing the data in modes of a fault tree model and an event tree model; the event tree resolution module is used for processing the given event tree model and the fault tree model, processing a successful branch of the event tree with a respective substitution method, and constructing a traditional sequence fault tree model and a consequence fault tree model; the fault tree preprocessing module is used for preprocessing the given fault tree model; the fault tree analysis module is used for performing fault mode analysis, probability computation, importance computation, sensitivity computation and uncertainty analysis on the given fault tree model; and the diagram display module is used for displaying a fault analysis result of the given system in a diagram form. The system and the method can accurately construct sequence and consequence fault trees, and perform various approximate computation and accurate computation on the successful branch of each function event of the event tree, so that the reliability is improved.