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In electric are furnace smelting, electrode regulator system is a key link. A good electrode control algorithm will reduce energy consumption effectively and shorten smelting time greatly. The offline design online synthesis model predictive control algorithm is proposed for electrode regulator system with input and output constraints. On the offline computation, the continuum of terminal constraint sets will be constructed. On the online synthesis, the time-varying terminal constraint sets will be adopted and at least one free control variable will be introduced to solve the min-max optimization control problem. Then Lyapunov method will be adopted to analyze closed-loop system stability. Simulation and field trial results show that the proposed offline design online synthesis model predictive control method is effective.