The invention belongs to the technical field of electric power equipment on-line monitoring, and in particular relates to a transformer substation capacitor on-line monitoring method and device based on a wireless mode, wherein the method mainly comprises the following steps: designing and additionally arranging a self-electricity-supplying current measuring unit at the high-voltage side of each capacitor, additionally arranging a self-electricity-supplying voltage measuring unit at the secondary side output end of an electricity discharge PT (potential transformer) of each group of parallel capacitors, acquiring the working voltage and current of each capacitor, and sending the obtained working voltage and current of each capacitor wirelessly to a monitoring base station; monitoring an internally-built computer and a wireless module of the base station; sending a capacitor voltage and current synchronous sampling starting conversion command, receiving, storing and managing measurement data, calculating the capacitance and medium loss of each capacitor by utilizing spectrum analysis, sending the calculated result to a monitoring host machine of a remote monitoring center for comprehensive estimation and analysis, and giving out a fault alarm for the capacitors with the variation greater than a certain value.