The invention discloses an ultrasonic guided-wave detecting system for the defect of a composite insulator. The ultrasonic guided-wave detecting system comprises a system master control computer, a signal generator, a power amplifier, a piezoelectric paster and a digital oscilloscope. The invention further discloses a detecting method applied to the ultrasonic guided-wave detecting system for the defect of the composite insulator. The detecting method comprises the following steps that 1, the frequency dispersion equation of propagation of guided waves in a composite insulator model is determined; 2, a corresponding frequency dispersion curve is obtained through insulator test piece related parameters tested through experiments; 3, stimulation guided wave frequency, periods and modal are determined according to a frequency dispersion curve conclusion; 4, stimulation and receiving points are selected, and defect detection of guided waves is achieved; 5, a guided wave detecting waveform is placed in a computer for data analysis processing, whether the defect exits or not it judged, and the size and type of the defect are judged. The detecting advantages of being accurate, fast, long in distance, large in range, low in cost and the like are achieved.