The invention discloses a reconfigurable LT code decoding system, comprising a main control module, a degree module, a degree searching module, a to-be-decoded data module, a generated matrix module, a generated matrix column searching module, a generated matrix row searching module and a decoding output module. The invention further discloses a reconfigurable LT code decoding method, comprising searching for data with a degree value being 1 at first, then searching for a corresponding column of a generated matrix, decoding the data with a degree value being 1, then searching for a corresponding row in the generated matrix and updating the same, and reducing a corresponding degree value. The decoding is finished by repeatedly executing the processes, critical path delay is effectively reduced, a decoding speed of an integral LT code is convenient to choose, and better flexibility is realized in the aspects of hardware realizing complexity and a decoding speed.