The invention discloses an embedded system on-line program refreshing method. The method includes the steps: placing a starting program, an application program and effective markers into a racetrack memory of an embedded system; firstly executing the starting program after the embedded system resets, reading values of the effective markers by the starting program, judging whether a current application program is effective or not, entering and continuously running the application program if the application program is effective, entering a refreshing state and establishing communication with an external device if not, and downloading refreshing subprograms from the external device; storing the downloaded refreshing subprograms into the racetrack memory, downloading application programs needing to be refreshed from the external device after the subprograms are downloaded, circularly calling and refreshing the subprograms, and flushing data of each downloaded application program needing to be refreshed into a designated address of the racetrack memory. By the method, software of the embedded system can be updated in an online refreshing manner, a software program is improved, and excessive product cost increase is avoided.