In order to avoid the problem that the short circuit current control measures made by off-line extreme operation condition are too conservative, an on-line decision-making method for limiting short circuit current and meeting the requirement of security and stability is proposed in this paper. After determining on-line short circuit current calculation method by referring to relevant calculation standards, the objective function is established, which satisfies the short circuit current security and the minimum influence on the security and stability of the system. Based on the cluster parallel computing platform, a two-stage optimization method is used to search the control measures. Firstly, by solving the integer programming problem with the least number of control measures, some security and stability check schemes which can meet the requirement of short-circuit current security are obtained. Then, based on the security and stability check results, the control measure of limiting short-circuit current is selected according to the objective function. The effectiveness of the proposed method is verified by actual cases.