The invention discloses a state measurement and control protection system applicable to a high-speed railway traction network. The state measurement and control protection system is characterized in that the traction network is divided into three segments, wherein the three segments are respectively a substation, an AT station and a division station, bottom-layer measurement and control devices are arranged in the traction substation, the AT station and the division station, a voltage and a current are acquired by the bottom-layer measurement and control devices, the acquired data is stored, power flow directions of a positive feeder branch and a negative feeder branch in a power supply unit are judged during acquisition, the data is sent to an upper-layer control and dispatching terminalby high-speed data communication, an inquiry instruction of the upper-layer control and dispatching terminal is received when the traction network is in a normal working condition, monitoring data uploading of the measurement and control device is completed, a fault power flow direction mark is uploaded by a contact network or by taking a negative feeder low voltage as a trigger signal when the traction network is in a short-circuit fault working condition, fault recording is performed, and meanwhile, an action instruction of the upper-layer control and dispatching terminal is received.