The invention relates to a triangle looped network transient state quantity unit protection method utilizing voltage and current abrupt change quantity wavelet coefficient correlation analysis and belongs to the power system relay protection technical field. The method comprise the following steps that: transient state quantities of six groups of fault voltage and current are obtained through directional elements of R1, R2, R3, R4, R5 and R6 respectively at an M, N and Q end when a single-phase grounding fault occurs on a triangle looped network; the transient state quantities of the voltage and current 0.5ms after the fault are respectively intercepted, and 8-scale wavelet decomposition is performed on the transient state quantities; wavelet coefficients of the transient state quantities of the voltage and current under the first scale are selected so as to be subjected to correlation analysis, so that six groups of correlation coefficients, namely, ru,i_R1, ru,i_R2, ru,i_R3, ru,i_R4, ru,i_R5, and ru,i_R6, can be obtained; and when -1<=ru,i_R1<=-0.8, and -1<=ru,i_R2<=-0.8, a line MN fails, if -1<=ru,i_R3<=-0.8, and -1<=ru,i_R4<=-0.8, a line NQ fails, if-1<=ru,i_R5<=-0.8, and -1<=ru,i_R6<=-0.8, a line QM fails, and when any one of the above conditions is satisfied, the fault is determined as an intra-cell fault, and when any one of the above conditions is not satisfied, the fault is determined as an extra-cell fault. As indicated by a large number of simulation experiments, the method is greatly applicable to triangle looped network protection.