A fault processing method based on industry Ethernet network, wherein exchanging devices in the network are connected by mutual redundant double links, wherein work link is in working state, the spare link is in spare state, and the method includes: detecting connection states of the double links between the exchanging devices in the network (201); switching the spare link to the work link when the work link is in fault state and the spare state is in connecting state (202). A fault processing system and exchanging device based on industry Ethernet network are further provided, which applies the ring structure of mutual redundant double links according to the invention, the network availability is ensured by switching to the spare link when multipoint faults appear in the network; and the time of fault recovery processing is reduced by switching between mutual redundant links.