A streaming media processing method, device and system are disclosed in the embodiments of the present invention. The streaming media processing method includes: judging whether a transcoding is required according to the current bandwidth of a user terminal and a code rate of a pre-stored code stream, if yes, selecting a code stream of which the code rate is higher than the current bandwidth of the user terminal from the pre-stored code stream to perform the transcoding, and outputting the code stream matching the current bandwidth of the user terminal to the user terminal. The embodiments of the present invention enable the user terminal to obtain the streaming media of higher quality by effectively utilizing the bandwidth.