Aiming at the limitation of traditional frequency domain harmonic detection method in time domain analysis, a harmonic and interharmonic analysis method based on frequency domain and time domain is proposed. First, the Discrete Fourier Transform (DFT) is applied to the harmonic and interharmonic signals to obtain the spectrum range of the signal. Thus, the sampling rate of Prony algorithm is selected according to the spectrum range, and the model order of Prony algorithm is selected according to the signal-to-noise ratio. Then, the frequency, amplitude, phase and attenuation factor of each harmonic and interharmonic component in the signal are obtained based on Prony algorithm. Finally, the dominant harmonics and interharmonics components are selected based on the energy coefficient, and the temporal variation trend of the dominant harmonics and interharmonics components is obtained through the data reconstruction based on Prony algorithm. The analysis of measured data shows that the proposed analysis method can accurately obtain the time-domain index and change trend of dominant harmonics and interharmonics components, and has strong practicability, which provides an effective means for accurate accident traceability analysis. This work is supported by the National Key Research and Development Program of China (No. 2016YFB0900204) and the Science and Technology Project of China Southern Power Grid Company (No. YNKJXM20190737).