The present disclosure provides a security protection system for an electronic device. The security protection system includes a magnetic stylus, at least one coil, a processor, and a memory. The coil is received in the electronic device and configured for inducing an induced current when the magnetic stylus moves relative to the coil. The processor is electronically connected to the at least one coil and includes a status module, a lock module, and an unlock module. The status module is configured for setting the security protection system in a lock or an unlock state. The lock module is configured for storing parameters of the induced current as a password in the lock state. The unlock module is configured for comparing parameters of the induced current with the password stored, and detecting whether an unlock operating being successful. The present invention also provides an electronic device having a security protection system.