Disclosed are an Internet-based method and system for transcoding a stereo video in real time on a client. The method comprises: a serving end storing a common video file or a stereo video file in a general format; a client accessing a video file stored in the serving end through a network; when the client accesses the common video file, the client converting in real time the common video file into a stereo video format selected by a user or a stereo video format set by a system and displaying the file to the user; and when the client accesses the stereo video file in the general format, and the stereo video format selected by the user or set by the system is a non-general format, the client converting in real time the stereo video file in the general format into the stereo video format selected by the user or the stereo video format set by the system and displaying the file to the user. The present invention can easily and conveniently convert a common video file or a common stereo video into a stereo video of a set format for displaying, so that the stereo video can be viewed over the Internet.
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