This paper is aimed to analysis of electrical fire risk by overcurrent and series arc signals in traditional market shops Firstly, the field state investigation was conducted for shops at the traditional market (30 shops). At each shop in the traditional market, load characteristics were investigated and thermal characteristics in Panel were analyzed. Thermal characteristics in Panel is an indicator that can determine the impact of overcurrent. Results of the field state investigation found out four shops which showed abnormal thermal characteristics in Panel. Electrical load characteristics of these 4 shops were simulated by experimental setup consists of generator, motor and heater. In order to verify the electrical fire risk by electrical loads of 4 shops, arc and overcurrent experiments were conducted. The waveshapes of arc and overcurrent are investigated in both the time and frequency domains to find signal characteristics. The results obtained in this paper will be very helpful for the prevention of electrical fires occurred at the shops in the traditional market.