The principle of two-dimensional bar code anti-counterfeiting technology was analyzed. A plan of applying two-dimensional code anti-counterfeiting technology in variable-data printing was put forward. On the basis of experiments on generation and recognition of two-dimensional bar code, anti-counterfeiting properties of two different two-dimensional bar codes (PDF417 code and QR code) were obtained and their difference was compared. The theoretical analysis and experiment results showed that anti-counterfeiting technology based on two-dimensional bar code can be used in variable data printing, besides, different two-dimensional bar codes have different anti-counterfeiting properties; different two-dimensional bar code should be selected according to specific requirements.