The invention belongs to the technical field of multi-segment fractured horizontal well tracing and water finding and particularly relates to a multi-segment fractured horizontal well tracing and water finding method. The method comprises the following steps: according to a well condition of a horizontal well, screening a tracing agent; enabling the screened tracing agent to enter the well along an oil sleeve and carrying out a horizontal well production test; carrying out a well opening production test and taking a wellhead liquid sample; classifying, purifying, analyzing and treating a produced liquid indication agent; and learning the water outlet condition of each segment through the change of concentrations of the tracing agent. According to the multi-segment fractured horizontal well tracing and water finding method, a water production condition of each section is analyzed through a produced liquid ground test with the tracing agent, and a simple tubular column and simplified operation of a horizontal well water finding technology are realized; and the method has the characteristics of rapidness and high efficiency and the horizontal well water finding precision and efficiency are improved. In a utilization process of the water finding method, normal production is not influenced and a result can be obtained by testing after sampling; and a plurality of segments can be tested at the same time, the period is short and the efficiency is high.