The invention discloses an ultrasonic guided-wave broken rail monitoring algorithm based on independent component analysis. The ultrasonic guided-wave broken rail monitoring algorithm comprises the following steps: processing monitoring signal data obtained by ultrasonic transducers mounted at two ends of a steel rail monitoring region: constructing an analysis data matrix: forming an initial analysis data matrix by a data matrix to be monitored and a reference data matrix, performing centralization and whitening processing in sequence, performing decomposition on the whitened analysis data matrix, generating a separation vector for each independent component, and iteratively calculating to obtain an initial separation vector; arraying to form a separation matrix, calculating to obtain a weight matrix and an independent component matrix, setting a reference vector, calculating and obtaining a correlation coefficient of the reference vector, comparing the correlation coefficient with an alarm threshold value to obtain a broken rail result, and sounding an alarm. The ultrasonic guided-wave broken rail monitoring algorithm can realize accurate judgment of an ultrasonic guided-wave signal under a strong-noise background, and is high in sensitivity and high in robustness.