A tire monitoring system with a wireless setting capability includes a wireless controller and a plurality of tire status sensors each tire status sensor is composed a sensing and processing unit having an unique tire serial number, a second low frequency transceiver and an RE transmitter. The wireless controller has a first low frequency transceiver and stores a plurality of tire serial numbers representing different wheel positions. The wireless controller outputs a control signal including a reset command and a new tire serial number to a specific tire status sensor. The sensing and processing unit will be reset and replace the tire serial number when the tire status sensor receives the control signal.