The invention discloses a ZPW-2000 compensation capacitor open circuit fault early warning method. The ZPW-2000 compensation capacitor open circuit fault early warning method comprises the following steps that S1, outboard voltage data are collected; S2, the collected outboard voltage data are subjected to pre-treatment; S3, if the outboard voltage data are subjected to envelope extraction, S4 isconducted, and if the outboard voltage data are subjected to phase deviation processing, S5 is conducted; S5, whether the outboard voltage has phase deviation is judged, if yes, the fault position ofa compensation capacitor is located, and S6 is conducted, if no, the normal state is determined, and the procedure is completed. The problems that compensation capacitor open circuit fault detection cost is high, the detection period is long, the detection timelessness is low, and compensation capacitor faults can not be found in time are solved.