The invention discloses a fault diagnosis method and apparatus of a power consumption information acquisition system. The method includes following steps: obtaining network topology data in the power consumption information acquisition system, wherein the network topology data at least comprises elements in the power consumption information acquisition system and related characteristics of lines between the elements; performing target optimization learning on the network topology data based on a heterogeneous network node representation learning method, mapping the network topology data to calculable data distribution in a data space, and obtaining a node representation learning result based on a heterogeneous network; and performing fault diagnosis on the power consumption information acquisition system based on a preset fault detection classification model with the combination of the node representation learning result based on the heterogeneous network. According to the method and apparatus, a lot of manual work is avoided, the realization cost of the system is reduced, and the adaptability of the system to new data is improved; and in the calculating system, the related method designed by the scheme is compatible with a characteristic module in the conventional method, and the system performance is greatly enhanced.