The invention relates to an operating system and method of an intelligent substation unlocking key management machine. The operating system comprises an intelligent unlocking host, an intelligent unlocking key, an applicant APP, an auditor APP and management software, intelligent management is performed on six links of a substation unlocking operation, that is, application, authorization, unlocking, homing, reporting and recording, full closed-loop management of the substation unlocking operation is achieved, by means of the conception of the intelligent management of the six links of the five-prevention unlocking operation, that is, application, authorization, unlocking, homing, reporting and recording, the standard use of the unlocking key is ensured by using a technical means, so that the application and approval of the unlocking operation are more convenient, and automatic recording and historical query retrieval of the use condition of the unlocking key can be achieved, thereby improving the safety of the unlocking operation, reducing the investment of manual management cost and eliminating the potential safety hazard; and the operating system provided by the invention has theadvantages of preventing misoperation, ensuring high safety performance, and strengthening the prevention and control of the substation unlocking process.