A system and method for playing Flash-based media are disclosed in the present invention. The method comprises that: when a Flash conversion server receives a Flash play request sent from a media server, it parsing the request, if the Flash play request is a dynamic Flash request or a real-time Flash request, the Flash conversion server converting the Flash file that is requested to be played into code stream data, and pushing the code stream data to the media server; and the media server playing the received code stream data to the terminal. With the technical solution in the present invention, the Flash animation can be converted and played to a terminal in real time.