The invention provides a gas supply system with a safety protection function. The gas supply system comprises an Internet-of-Things gas meter, a combustible gas detection probe, a gas appliance, a field alarm apparatus and an Internet-of-Things network, the Internet-of-Things gas meter internally comprises a metering device, a control system and an overcurrent cut-off valve, and when gas usage data collected by the metering device reaches an abnormal excessive flow consumption data pre-warning value or the combustible gas concentration detected by the combustible gas detection probe reaches acombustible gas concentration pre-warning value, a field pre-warning control module sends out an alarming instruction to the field alarm apparatus to give an alarm; and when a cut-off value is reached, the data are transmitted to a management background through an Internet-of-Things data transmission module, and the management background makes a cut-off instruction to a valve cut-off control module through the Internet-of-Things data transmission module to cut off the overcurrent cut-off valve. Normal gas usage consumption and normal consumption can be judged and discriminated, intelligent pre-warning and gas supply stopping treatment can be conducted on the abnormal situations, and the dangerous situation is effectively avoided.