In order to solve the embarrassments of the traveling wave fault location device in the smart substation at present, we have developed a new traveling wave fault location system.This article introducd the structure of the traveling wave fault location system.It includes a master station which can meet the requirements of IEC61850 and a traveling wave sensor was developed which is not restricted by the PT/CT sampling rate.In addition, the hardware scheme and software process for the traveling wave data acquisition device were designed.This solution can avoid a modification of the electronic transformer and promote the application and popularization of traveling wave fault location technology in the smart substation.