Embodiments of the present disclosure provide an insulation monitoring device applied to a power system and a power system. The power system includes at least one power electronic converter module. The insulation monitoring device includes an insulation component, a signal source, an impedance module, and a monitoring module. The insulation component at least partially wraps around the power electronic converter module. The signal source is electrically coupled to a circuit node in the power electronic converter module, the impedance module is connected between the signal source and the insulation component, and the monitoring module is configured to monitor an insulation resistance value of the insulation component, so that an insulation state of the power electronic converter module may be determined.