The invention discloses a phase-sensitive light time domain reflectometer based on a 120-degree difference interferometer. The reflectometer comprises a laser light source, a light pulse modulator, a first light amplifier, a first circulator, a second light amplifier, a second circulator, a fiber grating, the 120-degree difference interferometer, a first photoelectric detector, a second photoelectric detector, a third photoelectric detector, a data acquisition card and a data processing system. After light emitted by the laser light source is modulated to pulse light through the light pulse modulator, the pulse light is amplified through the first light amplifier, and then the pulse light goes into a second port from a first port of the first circulator so as to be injected into a sensing fiber; and the interferometer erected by use of a 3*3 coupler with a phase difference of 120 degrees is employed for performing distributed modulation on the phase of Rayleigh scattering light in the fiber and obtaining phase information along the fiber so that such information as vibration, temperature, strain and the like is sensed.