The invention, which belongs to the field LF furnace electrode regulator field, relates to a multi-model LF furnace electrode adjusting method based on steel type clearance slag thickness. With the method, problems that the sensitivity of the controller is low and the network is not suitable for a real-time control system can be solved. Input data of an electrode regulator are collected, wherein the data include a three-phase secondary side current and three-phase secondary side voltage that are obtained by direct measurement, an initial current setting value of the electrode regulator, and data of the steel type, clearance, and slag thickness for setting a PID controller; according to the data, parameters of the PID controller are set in an on-line mode; static parameters of the set PID controller as well as the data of the steel type, clearance, and slag thickness are recorded, and an LF electrode PID setting model set is established; and after establishment of the PID setting model set, data of the steel type, clearance, and slag thickness are inputted, determination is carried out, and a proper model is invoked automatically. Therefore, optimization of an original control system is realized, thereby substantially improving the on-line adjusting process of the system and realizing better control of the electrode.