Provided are a stress detection system and method based on a magnetoelastic phase lag effect of a ferromagnetic material and capable of realizing on-line non-destructive detection of a stress and a residual stress of a plate strip material. The system comprises: an excitation sensor (1) disposed above a test plate strip material, an induction sensor (2) disposed below the test plate strip material, an electric current module, and a stress determination module. The electric current module is configured to supply an excitation current for the excitation sensor (1). The excitation sensor (1) is configured to generate an alternating magnetic field in a top surface space of the test plate strip material. The induction sensor (2) is configured to generate an induced electromotive force in an induction coil thereof when the test plate strip material in the alternating magnetic field is acted upon by an external force, or a residual stress exists in the test plate strip material. The stress determination module is configured to determine a stress of the test plate strip material in real time according to a phase difference between a phase of the processed induced electromotive force and an initial phase of the induction sensor. The detection system and method are applicable to the technical field of metal material detection.
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