The invention relates to the technical field of data security, in particular to a chain key exchange method, a client, a server and a system. The method comprises the following steps: enabling a client to generate a first public key and a first private key; sending the first public key to a server, and receiving a second public key sent by the server; generating an initial vector, and encrypting the initial vector by using a second public key to obtain a client ciphertext; randomly cutting the client ciphertext into N parts, and carrying out distribution and exchange with a server to obtain server sub-ciphertext; and combining the server sub-ciphertext into a server ciphertext, and decrypting the server ciphertext by using the first private key to obtain a session key. On the basis of an original chain key exchange protocol, corresponding improvement is made for possible man-in-the-middle attacks, traditional halving transmission is abandoned, an N-time chain key exchange algorithm is adopted, the encryption strength of data is greatly improved, attackers cannot crack the data within the effective time of information. And the possibility that the secret-related information is cracked is reduced, and the data security is ensured.