The invention relates to a method for detecting voltage sag based on generalized hyperbolic S-transformation, which comprises the following steps of (1) sampling detected voltage signals; (2) carrying out generalized hyperbolic S-transformation on the sampled signals; (3) calculating a fundamental frequency voltage amplitude value according to an S-model matrix; (4) comparing the fundamental frequency voltage amplitude value with a set voltage sag threshold value, and judging whether voltage sag occurs or not; and (5) extracting a characteristic value if voltage sag occurs, and carrying out detection and analysis on start and stop moments and phase jumps of the voltage sag. Compared with an existing detection method, the method provided by the invention adopts the generalized hyperbolic S-transformation, improvement is carried out on an original hyperbolic window function, and a window width factor and a window width change rate adjustment factor are introduced, thereby being capable of flexibly adjusting the time-frequency resolution, reducing the sensitivity of detection signals for noises, and being capable of accurately detecting the amplitude value, the start and stop moments and the phase jumps of the voltage sag. The method provided by the invention has wide application prospects in fault detection of an electric power system.