The invention relates to an oil condition on-line monitoring system of hydraulic oil and lubricating oil, and is characterized in that the system consists of an oil condition detection and sensing system, an environment monitoring system, a data collection and conversion system, an operation procedure, a warning (caution) system and an automatic implementing system; a bypass and an oil storage chamber are arranged on an oil station; each monitoring unit is fixed to monitor an oil viscosity, a micro-moisture content, a temperature, impurity, a pressure and other parameters in real time; an actual measured value is compared with the set value; when the actual measured value excesses an allowed range, the system automatically warns or implements the functions of closing, self-locking, etc.