The invention relates to a polyethylene coated steel pipe and on-line method and apparatus for preparing same. Steel pipe is employed as base material for polyethylene coated steel pipe, and the outer surface of the steel pipe is coated with jointless annular polyethylene gummed tape. Production facilities of the pipe includes steel pipe shot-blast rust cleaning machine comprised of a rotating cylinder bracket, a rotating cylinder, a feeding wheel, a support wheel, a feeding worm wheel speed reducer, a feeding direct current dynamo, a high-frequency induction heating coil, a driving worm wheel speed reducer, a driving AC motor and a electrical control cabinet, and a steel pipe outer anticorrosion coating machine comprised of a induction heating transformer, a walking frame, a swing frame, a rotating frame, a winding device, a supporting frame, a low-voltage electrical casing and a controller. In pipeline installation locale, the steel pipes are welded into pipelines after derusted by the steel pipe shot-blast rust cleaning machine, the steel pipe outer anticorrosion coating machine is nested on the pipeline and carries out helical motion, after high-frequency induction heating on the steel pipe, the spray head injects the epoxy powder on outer surface of the steel pipe, after high-frequency induction heating of the belt-winding cylinder, adhesive tape and polyethylene gummed tape pulled out from the winding device become hot tapes, by helical motion of the steel pipe outer anticorrosion coating machine along pipeline centre-line, the adhesive tape and polyethylene gummed tape are coated on the outer surface of the steel pipes.