The invention discloses a punching system for watch chain machining. The punching system sequentially comprises a first punching machine for punching watch chain embossments on a blank, a transmissionmechanism for conveying the blank to the position of a second punching machine, and the second punching machine for punching the blank into a watch chain. The first punching machine comprises a firstlower die, a first upper die, a first drive piece and a first drive cylinder for abutting against the blank. The second punching machine comprises a second lower die, a second upper die, a second drive piece and a second drive cylinder for abutting against the blank, wherein the second drive piece is used for driving the second upper die to move towards the second lower die, and the second lowerdie is provided with a falling groove for watch chain falling. The transmission mechanism comprises a connecting platform located between the first lower die and the second lower die, a clamping mechanism and a drive mechanism. The blank can be driven by the clamping mechanism to move to the second lower die, at the time, the second upper die is aligned with the embossments, under punching of thesecond punching machine, the watch chain is punched down from the blank and falls down along the falling groove, and watch chain manufacturing is finished.