Disclosed is a modification strategy of an electric power system relay protection device. The modification strategy is characterized in that the modification strategy comprises the following steps: S1, calculating full life cycle cost of the relay protection device, and S2, determining a modification strategy, i.e., obtaining a minimum F(n)=Min(ALCC) of a full life cycle cost annual value of the relay protection device. Disclosed is a generation system of the modification strategy of the electric power system relay protection device. The generation system is characterized in that the generation system comprises a relay protection device modification strategy generation system (a server, a database, safety protection equipment and application software), and the relay protection device modification strategy generation system is connected with inputs of operation mode management database, a medium-term and long-term planning database, an EMS system and an asset management system, and an output of a relay protection modification project and a schedule. The modification strategy and the generation system are advantageous in that (1) modification time is determined according to the minimum annual value of the fill life cycle cost, and loss brought by a fault of the rely protection device is reduced, and (2) the generation system can automatically complete a modification assessment of the relay protection device according to a status of an electric power system and historical information, and the workload of manual assessment is alleviated.