The invention discloses a slitting and coaxial rolling mechanism which comprises a knife roller and a rolling shaft. The slitting and coaxial rolling mechanism is characterized in that a film material slit through the knife roller passes through an arch guide roller and is then rolled on the rolling shaft; the arch guide roller has arch design on the surface of the arch guide roller in the axial direction; the arch guide roller is connected to an arch guide roller shaft; the left shaft end of the arch guide roller shaft is connected with a left shaft sleeve with a first outer spherical face; the left shaft sleeve is arranged in a left support inner hole with a first inner spherical face in a center adjustable manner; a left support is fixed to a wall plate of a left rack; the right shaft end of the arch guide roller shaft is connected with a right shaft sleeve with a second outer spherical face; the right shaft sleeve is arranged in a worm gear inner hole in the second spherical face in a center adjustable manner; a worm matched with a worm gear is rotationally arranged on a right support; the shaft end of the worm is connected with an adjusting hand wheel; and the right support is fixed to a wall plate of a right rack. By means of the slitting coaxial rolling mechanism, coaxial rolling can be conducted after the film material is slit, and the requirement for online slitting production of a rotary flexo press is met.