The embodiments of the present document disclose a system and method for playing videos, and the system includes: a streaming media server, configured to send a video stream to a real-time video intelligent analysis system and video surveillance center, and receive and buffer a text stream corresponding to the video stream from the real-time video intelligent analysis system, and send the text stream to the video surveillance center; the real-time video intelligent analysis system, configured to perform real-time analysis on the video stream and output the text stream corresponding to the video stream to the streaming media server; the video surveillance center, configured to request for and receive the video stream and the text stream from the streaming media server, compensate for a lost text frame in the text stream according to the video stream, and output mixed videos of overlay video stream and text stream.