The invention relates to a power transformer load tap changer switching contact slap fault diagnosis method and device. The diagnosis method includes that: firstly, real-time monitoring is carried outon tap changer switching action process, in the monitored signal, the latter half of time domain signal major energy is selected, so as to avoid the energy maximum point in time domain signal; secondly, time-frequency transformation analysis is carried out; thirdly, spectral line of the signal, which is higher in amplitude at the range of 800-1000Hz in frequency domain, is determined through analysis; fourthly, comparing is carried out, if the spectral line is obviously amplified compared with the normal condition of the tap changer, the tap changer is in the switching contact slap fault. Theinvention has the advantages that: the found fault characteristic value can accurately reflect tap changer switching contact slap fault, characteristic is obvious, repeatability is good, and the method has universality on tap changers of the same type; the load tap changer contact slap fault diagnosis technology is simple in engineering realization, and a sensor is convenient in installation; anda microcomputer is adopted for detection, processing and diagnosis, performance is reliable, realization is convenient, and diagnosis conclusion is visual.