The invention provides a sinking alarm system and method combining an open loop mode with a closed loop mode, and belongs to the technical field of water search and rescue. The system comprises an onboard base station and at least one mobile terminal. The onboard base station comprises a closed loop broadcaster, a driven alarm processing device, a driving alarm processing device, a base station positioning device, a base station alarm device, a shipwreck detection device and an open loop broadcaster. Each mobile terminal comprises a closed loop response device, a water-sensitive sensor, a driving alarm device, a terminal positioning device and an open loop response device. An alarm mode that the open loop mode and the closed loop mode are combined is provided, the mobile terminals falling in water are positioned, it is guaranteed that sailors can give an alarm in time when falling into water and can be rescued in time, and therefore rescue efficiency is improved, and rescue resources are saved.