The invention relates to a carrier rocket orbit parameter reconstruction method based on iterative guidance, and belongs to the field of carrier rocket guidance control. The method comprises the following steps of 1, collecting carrier rocket state information; 2, calculating the consumption of a propellant entering a target orbit according to the state information, if the consumption of the propellant is less than the available amount, normally flying to an original target orbit, and if the consumption of the propellant is greater than the available amount, performing orbit parameter reconstruction; 3, searching parameters of a reconstructed orbit on line, and taking the reconstructed orbit obtained by searching as a new target orbit; and 4, controlling a carrier rocket to fly towards the new target orbit. The method is based on iterative guidance, the principle is simple, engineering implementation is convenient, whether the carrier rocket can enter the target orbit or not can be judged according to the state information, orbit parameters are searched for and reconstructed on line when necessary, the carrier rocket has the autonomous orbit reconstruction capacity, economic losses are avoided or reduced under the fault condition, and the launch task performance capacity is improved.