A milling machine fly-cutter with adjustable cutting-tool geometric angle and milling machine includes a fly-cutter plate body, a plurality of combination grooves are evenly set in the circumferential direction of the fly-cutter plate body, and adjusting assemblies are mounted in the combination grooves. Wherein, the adjusting assemblies include an adjusting block for rake angle and relief angle, an adjusting block for tool cutting edge angle and minor cutting edge angle, an adjusting block for tool cutting edge inclination angle. A first side of the adjusting block is attached with a cutter handle, and a second side is connected with the adjusting block for rake angle and relief angle by the adjusting block for tool cutting edge angle and minor cutting edge angle. The milling machine fly-cutter realizes adjustment of the geometric angles of cutting tool, and is able to adapt to cutter handles of a variety of different specifications.