The invention relates to IP (Internet Protocol) centralized dictation system and method. The IP centralized dictation system comprises an MGCP (Media Gateway Control Protocol) dictation module, a dictation management module, an information transmitting module, a dispatch terminal communication module and a magnetic disc management module, wherein the dictation management module comprises a dictation submodule, an information processing submodule, an audio alarm submodule, a dual-computer hot standby submodule and an interface management submodule. The IP centralized dictation method comprisesthe following steps of: starting a main program; acquiring operating parameters of the IP centralized dictation system, which include channel relevant parameters, magnetic disc pack information, and the like; acquiring an IP address and a port number of an information transmitting server, and connecting; dispatching an MGCP dictation library, and initializing the MGCP dictation library; dispatching a magnetic disc management library to carry out the automatic management of the magnetic disc; dispatching the dispatch terminal communication module to carry out communication by connecting with adispatch terminal; and judging whether a dual-computer hot standby working mode is adopted or not. The IP centralized dictation system which realizes the dictation of an analog telephone registered to a dispatcher, a digital telephone and an MGCP telephone has the advantages of simple installation, good tone quality, convenient inquiry and flexible playing.