A high-speed rail traction network power supply system earth induction current monitoring method and a device. The device is installed at the connection neutral point position on the secondary side of a traction transformer and comprises a signal acquisition unit, a signal processing unit, a control unit, a data analysis unit, a data storage unit and a storage server, wherein signal acquisition unit perform signal acquisition through two ways, one way comprises a low-pass filter at 1Hz cut-off frequency, a band rejection filter and a magnetic flux gate current sensor, the other way comprises a voltage transformer and a current transformer, and the control unit transmits a signal acquisition result and an analysis result to the storage server for analysis and inquiry and can gives an alarm through an alarm unit. The problem of difficult installation of the monitoring position due to the fact that a neutral point on the high-voltage side of the transformer of a high-speed rail traction network power supply system is not grounded can be well solved, the influence on GIC monitoring of locomotive impact working current is eliminated, and the high-speed rail traction network power supply system earth induction current monitoring method and the device has the advantages of being good in anti-interference capacity, high in integration degree, low in device cost and the like.