The invention provides a pipeline leakage monitoring system and method based on sound wave and negative pressure wave hybrid monitoring, and relates to the technical field of pipeline risk prediction.The system comprises pressure sensors, sound wave sensors, lower computers, exchangers and upper computers which are located at the head end and the tail end of a pipeline, wherein the lower computers control the pressure sensors and the sound wave sensors to acquire pressure and sound wave data, preprocess the pressure and sound wave data and then send the pressure and sound wave data to the upper computers through the exchangers, and the upper computers execute leakage monitoring programs in the upper computers, receive and analyze the pressure and sound wave data transmitted by the lower computers through pressure and sound wave data integration and storage modules, carry out secondary filtering, dimensionless processing and semi-supervised Fisher discriminant analysis processing on the acquired data through data processing module, judge whether the pipeline leaks or not through pipeline leakage monitoring modules, and carry out hybrid positioning on the pressure signals and the sound wave signals. According to the pipeline leakage monitoring system and method, noise interference can be better shielded, when a signal source is changed, the accuracy of the restored signals afterfiltering can be guaranteed, and positioning of leakage points can be more accurate.