The invention discloses a line test system and a test tool based on a transient wave recording type fault indicator, comprising the transient wave recording type fault indicator, a collecting unit, amonitoring platform and a fixing seat, wherein the transient wave recording type fault indicator is connected to the collecting unit by wireless communication, the collecting unit is linearly connected with a power module and an antenna, the collecting unit is connected to the monitoring platform by wireless communication, the monitoring platform is linearly connected with a data storage module, aline fault analysis module, a wave mode data comparison module and an alarm module, a lower fixing groove is formed in an upper end of the fixing seat, the lower fixing groove is connected and provided with an upper fixing groove by a bolt button, the line test system and the test tool disclosed by the invention upload data to the monitoring platform through the wireless communication, and monitor the line fault information and operating conditions of a power distribution network, and the test tool can fix and clamp the transient wave recording type fault indicator, so that the transient waverecording type fault indicator can be conveniently detected.