The invention relates to an online uninterrupted code tracking die cutting system for a corrugated board wire and a control method. The code tracking die cutting system comprises a die cutting rack assembly, a printing color code tracker and a control unit. The die cutting rack assembly comprises a die cutting drive unit, a die cutting roller, a rubber mat roller and a clutch pressure unit, wherein the die cutting drive unit, the die cutting roller, the rubber mat roller and the clutch pressure unit are arranged on a die cutting rack; the printing color code tracker is used for tracking a printing color code to provide a signal that the printing color code reaches the color code tracker for the control unit. The control unit comprises a comparator and a controller, wherein the comparator is used for receiving the signal that the printing color code reaches the color code tracker, and comparing the real-time phase and the fixed phase of the die cutting roller; the controller is used for judging whether the difference of the real-time phase and the fixed phase of the die cutting roller is within a normal deviate range or not; if the difference is within the normal deviate range, the current running status is kept; if the difference exceeds the normal deviate range, a corresponding conditioning signal is output to the die cutting drive unit; corresponding adjustment is performed by the die cutting drive unit according to the conditioning signal. The online uninterrupted code tracking die cutting system for the corrugated board wire and the control method provided by the invention are in favor of the improvement of the production efficiency and the reduction of the cost and resource waste.