The invention provides an implementation method of a high-speed fieldbus based on industrial Ethernet, which comprises the following steps: (1) electrifying a fieldbus system, and carrying out initialization setting; carrying out the step (3) if the initialization setting is successful, otherwise, carrying out fault treatment of the step (2); (2) carrying out the fault treatment; (3) carrying out data communication, and returning to the step (2) for carrying out the fault treatment if a fault emerges; entering into the idle state if the cycle further has remaining time after completing data transmission of all station points, waiting for the next data sending or receiving request, returning to the step (2) for carrying out the fault treatment if the fault emerges during the waiting process, otherwise, carrying out the step (4); and (4) finishing the communication. The invention further provides the high-speed fieldbus system based on the industrial Ethernet for implementing the method, that is a GSK-Link high-speed fieldbus system. Slave stations can mutually carry out the data communication, thereby greatly improving the data transmission speed and the efficiency.