The invention discloses an electric power system data reconfiguration decompressing method based on orthogonal matching pursuit. A compressed sensing theory is adopted for conducting parallel data compression of sampling and compression on an electric power quality signal. The method includes that first, a line with the largest correlation with margin is selected in a sensing matrix, and simultaneously a selected space is updated. By solving a least square problem, residual is guaranteed to be minimum, sparse vector elements are obtained, then, the residual is updated, selected lines in the sensing matrix are removed, and finally sparse elements are obtained through loop iteration. By means of the method, the compressed sensing theory is adopted for conducting sparse decomposition on electric power quality data, then gauss measuring coding is conducted on sparse signals, and finally a signal is reconfigured through an orthogonal matching pursuit algorithm. The method breaks through a traditional data compression method framework of first sampling and then compressing, sampling and compression are conducted parallelly, a small amount of sampling can recover an original electric power quality signal well, a requirement for hardware is reduced, and compression efficiency is improved.