The invention provides a real-time video sensitive information protection system and method. The real-time video sensitive information protection method comprises the following steps: S1, collecting a real-time video stream; S2, separating the video stream, separating the video stream by an equal interval, adopting a detection algorithm to extract a preset foreground stream in each segment of video stream, and hiding privacy and sensitive information in the foreground stream through a reversible algorithm, wherein the reversible algorithm refers to a public key generated in a corresponding time interval, the detection algorithm comprises target detection and template matching algorithms, the reversible algorithm comprises a scrambling algorithm and a password book translation algorithm, and a scrambling algorithm performs data encryption through image splitting, data expansion and image combination; S3, adopting an irreversible algorithm to erase sensitive information in the video stream so as to obtain a background stream, wherein the irreversible algorithm comprises a mosaic method, a color block covering method and a frosted glass effect; and S4, restoring the original video stream. The encryption degree of the video stream can be improved, encryption is reversible, and the protection degree of personal privacy is greatly improved.