The invention relates to a model matching-based grid fault graph analysis and display system and method. The system comprises a data acquisition module, a data collection module, a model matching analysis module and a graph display module, wherein the data acquisition module is used for acquiring state information in each electric interval of a substation and converting the state information intoa transmission message; the data collection module is used for synchronously processing the transmission message in each electric interval and analyzing the transmission message into COMTRADE-based state information; the model matching analysis module is used for establishing a substation primary topology and a primary/secondary equipment correlation model, carrying out calculation on the COMTRADE-based state information to obtain a COMTRADE-based analog quantity and a COMTRADE-based switching value in each electric interval, and matching the COMTRADE-based analog quantity and the COMTRADE-based switching value with primary equipment; the graph display module is used for displaying a primary topological graph and an analog quantity and a switching value of the primary equipment in each electric interval, and carrying out visual display after grids break down. Compared with the prior art, the system and method are beneficial for intuitionally analyzing features of grid fault events andsatisfying the requirements for automatically analyzing grid faults.