The invention provides an etching protection jig for a lead frame and a lead frame etching method. The etching protection jig comprises a cover plate, a carrying plate attached to the cover plate anda buckle device which is arranged on the carrying plate and used for positioning the cover plate, a containing space for containing the lead frame is arranged between the carrying plate and the coverplate, and the cover plate is provided with a vertical-through avoiding hole for exposing an etching region on the lead frame and an open hole corresponding to the buckle device; the buckle device isprovided with a positioning plate parallel to the carrying plate, a positioning column matched with the positioning plate and a magnetic component arranged on the positioning plate, the positioning plate is provided with a vertical-through sliding groove matched with the positioning column, and the carrying plate is further provided with a magnetic module corresponding to the magnetic component onthe positioning plate and a fixing groove for fixing the fixing column. Due to the arrangement, the etching protection jig covers and protects a non-etching region, the etching region is exposed, andthe purpose of selective etching is achieved.