The invention relates to a data tracing method and system based on a digital watermarking technology, and the method comprises the steps: employing a first watermark algorithm, embedding an initial watermark in an original data set, and obtaining an initial data set; E; embedding a transaction watermark into the initial data set to be delivered by utilizing a second watermark algorithm to obtain adelivery data set and delivering the delivery data set to a delivery object; J; judging whether initial watermarks exist in the to-be-traced data set or not, if yes, judging whether transaction watermarks corresponding to the identity information of the to-be-verified candidates exist in the to-be-traced data set or not, and confirming the to-be-verified candidates pointed by the to-be-traced data set according to a judgment result. According to the invention, t, the initial watermark and the transaction watermark are embedded into the data circulated by the data obligee; I; in the data rights protection stage, rights protection audit is conducted on a data obligee through an initial watermark, declaration of a membership right is achieved, t, then in the further data tracing stage, a delivery object pointed by a to-be-traced data set is confirmed through a transaction watermark, and therefore tracing of a leakage source is achieved.