The invention provides relay protective equipment based on a chip. The relay protective equipment is composed of following modules including a protective chip module and a communication chip module. The protective chip module is connected with the communication chip module through an interior bus, wherein the protective chip module integrates a commonly-used relay protective logic module, and can expand a logic function through an interior programmable module, and commonly-used logic and algorithm of the protective chip module are achieved by adopting of hardware. The communication chip module integrates a commonly-used communication protocol processing module and can expand a communication function through the interior programmable module, and commonly-used coding and decoding are achieved by adopting of the hardware. Functions, such as a giving protective motion event and constant value modification are supported. The relay protective equipment based on the chip reduces the amount of used general elements, improves reliability of a device, and is beneficial to reducing whole construction and maintenance cost of a transformer substation.