The invention relates to a pulse code modulation (PCM) / frequency modulation (FM) telemetering system-based data security communication method. The method comprises the following steps of: assigning a cipher key until an initial key generator generates an initial key; generating a key stream through a clock-controlled key stream generator, and generating a next group of data cipher keys; generating ciphertext from data to be transmitted and key stream exclusive OR, packaging into a frame, and performing Turbo encoding on the packaged data frame; and finally, performing signal sampling on the data subjected to the Turbo encoding, performing preset filtering on the sampled data, feeding the data into a channel through FM modulation, wherein a receiving end receives and synchronizes the signal, and at the receiving end, the signal is processed in an inverted sequence in turn and is successively subjected to coherent demodulation, data sampling, Turbo code decoding and decryption through the FM so as to obtain the needed data finally. The method has high linear complexity, can effectively protect the data, and improves security of the PCM / FM telemetering system.