The invention, which is suitable for the technical field of electronically controlled cabinet monitoring, provides a monitoring system and method based on a smart cabinet. The system is composed of amonitoring PDU module, a data analysis module, a water leakage monitoring module, and a short message alarm module. The monitoring PDU module is used for monitoring data information of a main circuitin a cabinet and sending the data information to the data analysis module. The data analysis module is used for comparing the data information with preset alarm data information; if the data information is greater than the preset alarm data information, a data alarm signal is generated and the generated signal is sent to the short message alarm module. The water leakage monitoring module is used for generating a water leakage signal when monitoring water leakage of the cabinet and sending the signal to the short message alarm module. The short message alarm module is used for sending data alarm information to a maintenance terminal based on the data alarm signal and sending the water leakage alarm information to the maintenance terminal based on the water leakage signal. With the monitoring system and method, a circuit fault is located precisely; unified monitoring and unified operation and maintenance of internal devices and circuits of the cabinet are realized; the cabinet safety isimproved; and the cabinet becomes intelligent.