The invention discloses an electronic picture book system based on augmented reality, a display method, a display device and a medium. The electronic picture book system comprises an interface displaymodule, a shooting module, a model generation module, a model display module and an interaction module. The electronic picture book system can generate augmented reality 3D animation, and has vivid visual experience; according to the method, a simple and efficient operation mode is realized through interactive interfaces of different levels which can jump mutually, so that a user can know the current operation depth by observing the content displayed by each interactive interface, and the operations such as selective playing of 3D animation can be conveniently carried out; the 3D animation model is rotated, zoomed, locked and unlocked by collecting the interactive gesture, so that a user can obtain visual experience in one direction by watching the 3D animation model and can also activelyoperate the 3D animation model, and the interactive experience is improved. The method is widely applied to the technical field of multimedia.