The present disclosure provides a hand-held labeling machine for acousto-magnetic (AM) anti-theft labels, and an AM antitheft label roll. The hand-held labeling machine includes a shell, a label feeding mechanism, a labeling mechanism, a take-up mechanism, and a limit and detection assembly, wherein the label feeding mechanism is configured to convey AM anti-theft labels; the labeling mechanism includes a label stripping head and a roller; the label stripping head is fixedly connected to the shell, and abuts against a release liner; the roller is provided above the label stripping head, and is rotatably connected to the shell; the roller abuts against the AM anti-theft label; the take-up mechanism includes a take-up spool rotatably connected to the shell and a drive assembly; and the drive assembly is configured to drive the take-up spool to rotate. The present disclosure can realize easy and stable labeling of the AM anti-theft labels.