The invention discloses a system and method for restraining the induced current and voltage between double circuits on the same tower. The system comprises two transformer substations and earthing knife-switch control systems of the two transformer substations, the two transformer substations are connected with a first circuit and a second circuit respectively, and an impedor is arranged between an earthing knife-switch of the first transformer substation and an earth screen in series and is connected with a contactor in parallel. The purpose of restraining the induced current but not increasing the circuit voltage is achieved by connecting an impedor-contactor parallel system between the earthing knife-switch of one transformer substation and the earth screen in series, the operation circuit of an original earthing knife-switch is optimized and designed to lower the operation complexity during repairing, and the switching of the contactor connected with the impedor in parallel is automatically controlled. By means of the system, the electromagnetic induction current can be effectively reduced, the requirements of high-capacity, long-distance and compact double-circuit electric transmission lines on the same tower are met, and the equipment manufacturing cost is reduced. A solution of not replacing the earthing knife-switch when the electromagnetic induction current and voltage of an established transformer substation exceed the standard is provided.