Abstract: A three-terminal power line fault location and correction system and method, and a computer readable storage medium. An electronic device is electrically connected with a plurality of terminal devices. When a fault occurs at a certain position of the power line, each terminal device detects the fault to generate a fault distance corresponding to the fault. The electronic device corrects the fault distance as follows: the corrected fault distance of one of the terminal devices=(an actual distance between the terminal device and a divergence point+a function of actual distances between the other two terminal devices and the divergence point)*the fault distance corresponding to the terminal device/(the fault distance corresponding to the terminal device+the fault distance corresponding to a function of the actual distances between the other two terminal devices and the divergence point).