The invention relates to an online life assessment system and method of a thermal power plant steam pipeline. The system comprises a utility boiler, a low pressure cylinder, an electric generator, anintermediate pressure cylinder, a high pressure cylinder and a computer; the life of the steam pipeline can be assessed online as required, the metal technical supervisory means is enriched, and meanwhile, improvement on the running security of the generator is facilitated; preliminary life assessment can be performed and risk pre-warning can be performed on the basis of not damaging the existingsteam pipeline; a great deal of temperature and pressure data are recorded and analyzed, and combined with large and small corrected metal detection data and microstructural detection results, and thus deformation-fatigue life assessment is achieved via a rebuilt algorithm preset in the computer. According to the system and method provided by the invention, manpower resource liberation and a greatdeal of metal detection work are achieved by combining with the actual steam pipeline life assessment, and meanwhile, the pipeline sampling economic losses without purposes and within a large range are avoided, so that the system and method have good economic benefits and social benefits, and the problem in present high-temperature high-pressure metal key life assessment is solved.