Disclosed is a novel current transformer saturation identification method. The novel current transformer saturation identification method includes the steps that 1, three-phase voltage and electric current instantaneous value data at protective installation positions of current transformers are collected, and sampling results are recorded as ua(k), ub(k), uc(k), ia(k), ib(k) and ic(k); 2, the three-phase voltage and electric current fault component are calculated, namely, delta ua(k), delta ub(k), delta uc(k), delta ia(k), delta ib(k) and delta ic(k); 3, equivalent inductance and resistance parameters are calculated, namely, L(eq.j) and R(eq.j) (j=a, b ,c); 4, dispersion of the resistance parameters is calculated (j=a, b ,c); 5, whether all phases of mutual inductors are saturated is judged and recognized, if D(L(eq.a)) > epsilon, then the a-phase mutual inductor is judged to be saturated, if D(L(eq.b)) > epsilon, then the b-phase mutual inductor is judged to be saturated, and if D(L(eq.c)) > epsilon, then the c-phase mutual inductor is judged to be saturated. The novel current transformer saturation identification method is simple and reliable, and is not affected by system operation modes and fault initial phase angles because only short data windows are used.