The invention discloses an inverse-phase micro-emulsion polymer fracturing fluid system with an online construction function. The inverse-phase micro-emulsion polymer fracturing fluid system comprisesinstant dissolving emulsion thickening agents, functional auxiliaries, a clay stabilizer and fluid preparation water. The instant dissolving emulsion thickening agents are inverse-phase micro-emulsion polymers, and inverse-phase micro-emulsion polymerization is carried out on raw materials including acrylamide, acrylic acid, strong-hydrophilicity monomers, a functional monomer A, a functional monomer B, pH (potential of hydrogen) regulators, solubilizers, composite emulsifiers, oil solvents, initiators and deionized water to obtain the instant dissolving emulsion thickening agents; the functional monomer A is methyl methacrylate or ethyl methacrylate or a mixture of the methyl methacrylate and the ethyl methacrylate; the functional monomer B is vinylphosphonic acid or vinyl sulfonic acid;the functional auxiliaries are non-ionic surfactants; the clay stabilizer is potassium chloride, and the fluid preparation water is clear water or high-mineralization water or treated stratum flow-back fluid. The inverse-phase micro-emulsion polymer fracturing fluid system has the advantages that the inverse-phase micro-emulsion polymer fracturing fluid system is high in dispersing and swelling speed and can be prepared in a batch manner or can be continuously mixed, 'online construction' requirements even can be completely met by the inverse-phase micro-emulsion polymer fracturing fluid system, processes for constructing the inverse-phase micro-emulsion polymer fracturing fluid system are simple, and the fracturing cost can be reduced.