The invention discloses a line parameter identification and fluctuation characteristic extraction method based on measurement data. The method is characterized by comprising a step of measuring amplitudes and phase angles of fundamental frequency voltage and current, a step of establishing a mathematical model of a line and realizing the parameter identification of the line by using the above measurement data based on the mathematical model, and a step of obtaining a mathematical expression of the fluctuation of line parameters with a line running status through curve fitting according to theparameter identification result, extracting fluctuation characteristic of the parameter identification result, and obtaining the correlation between the line parameters and the voltage and current. According to the method, accuracy of off-line calculation parameters is greatly improved, and the management and control level of a power grid is improved.