A novel compressed air purification system having real-time monitoring function comprises: a central control device; and a purification mechanism electrically connected to the central control device. The purification mechanism comprises an air compressor (1), a first filtering mechanism (3), a refrigerant dryer (4), a second filtering mechanism (5), a storage mechanism, a first valve (7), and a third filtering mechanism (8) which are sequentially connected. The purification system uses an air quality sensor (2) to perform real-time measurement of a purification level of compressed air at each stage, and uses a wireless communication module to ensure real-time remote monitoring of the system by personnel, thereby increasing practicability and reliability of the system. Two frequency-selective networks are added to a wireless transmitter circuit to ensure purity of an output frequency, thereby improving reliability of online monitoring. An oil-water separator is used to separate and recycle oil and water from impurities, thereby improving purification efficiency and reliability of the system.