The invention relates to the technical field of power systems, and provides a two-dimensional code-based overhauling system for substation equipment. The overhauling system comprises a server, a plurality of intelligent terminals and a plurality of two-dimensional code stickers, wherein the intelligent terminals can be used for scanning two-dimensional codes on the two-dimensional code stickers, and controlling data interaction with the server; the server is used for generating two-dimensional codes of all overhauling equipment, recording account information of all the overhauling equipment, generating an account data table, and controlling data interaction with all the intelligent terminals; the two-dimensional codes are matched with fixed assets codes, material codes and functional position codes of the corresponding overhauling equipment, so that an overhauling operation on the overhauling equipment of the substation is realized, the overhauling information level is promoted, and the instant sharing capability of overhauling equipment information is improved; meanwhile, the overhauling efficiency of the overhauling equipment is also improved, and stable operation of a power system is ensured.