The invention provides a paper reel punching mechanism capable of adapting to different punching modes. The mechanism comprises a movable cutter roller provided with movable cutters, a fixed cutter roller provided with a fixed cutter, a rotary arm, a tensioning cylinder and a cam. One end of the rotary arm is fixed to the shaft end of the fixed cutter roller, and the other end of the rotary arm is provided with a bearing. One end of the tensioning cylinder is connected with an arm body of the rotary arm, and the bearing of the rotary arm is made to be attached to the surface of the cam all the time. The cam is driven by a servo motor. The rotary arm can be driven by rotation of the cam to drive the fixed cutter roller to rotate by a certain angle in a certain range. By adopting the technical scheme, the set of punching mechanism can produce paper reels with punching lines or paper reels without punching lines on paper bodies through different work states of the cam, so that the equipment input is greatly reduced for manufacturers. Meanwhile, the space utilization rate of workshops is increased, and the production efficiency is greatly improved as well.