The invention relates to an ANN and ES integration-based substation alarm information analysis and decision-making system and method. The system includes a database, a reasoning module, an explanation module, an implicit knowledge extraction module, a knowledge base and a man-machine interface module, wherein the database is used for storing real-time alarm information and equipment static configuration data which are received by the system, the reasoning module coordinates and controls the reasoning process of the alarm information, the explanation module explains the reasoning result of the reasoning module, the implicit knowledge extraction module is used for explicitly expressing knowledge expressed by numerical values, the knowledge base is used for storing explicit knowledge rules and implicit knowledge contained in connection weights, and the man-machine interface module is used for converting information outputted by the explanation module and the implicit knowledge extraction module into a form which can be understood by a user and outputting the form. According to the system of the invention, numerical value operation-based reasoning in an ANN is introduced into an ES system, so that single symbol-based expression of a traditional ES can be replaced, and therefore, the implementation efficiency of the ES can be improved; different analysis strategies are taken according to different faults; and therefore, the maintainability and fault-tolerance of a whole system can be improved, and the diagnosis range of the alarm information analysis and decision-making system can be also extended.