A drive method and system for an LED display panel. The method comprises: converting an HDMI/DVI video signal into an RGB signal; dividing the RGB signal into N independent code streams and re-ranking same; and periodically switching a direct current provided to an LED display module (30) at least between a first current I1 and a second current I2. The system comprises an FPGA controller (20), and a video signal decoder (10), a first external memory (41), a second external memory (42) and an LED display module (30) which are respectively connected to the FPGA controller (20). The FPGA controller (20) comprises N LED drive modules (231-23N) which are connected in parallel. The drive method and system can enhance the luminous efficacy of an LED, and can also conduct linear dimming on the LED.