Live video playback method and device, electronic equipment, system and storage medium

The invention relates to a live video playback method and device, electronic equipment, a system and a storage medium. The method comprises the following steps: receiving a live video playback requestsent by an audience client; wherein the live video playback request is sent by the audience client according to the playback trigger instruction; wherein the playback trigger instruction is a triggerinstruction for the target playback video data, and comprises definition selection information for the target playback video data; according to the live video playback request, obtaining video address information of target playback video data corresponding to the definition selection information; returning the video address information to the audience client to enable the audience client to acquire and play the target replay video data from the target content distribution network node according to the video address information; and the target playback video data is transcoded by the live video data and then is stored