Online contextual reasoning and association across consecutive video frames are critical to perceive instances in visual tracking. However, most current top-performing trackers persistently lean on sparse temporal relationships between reference and search frames via an offline mode. Consequently, they can only interact independently within each image-pair and establish limited temporal correlations. To alleviate the above problem, we propose a simple, flexible and effective video-level tracking pipeline, named \textbf{ODTrack}, which densely associates the contextual relationships of video frames in an online token propagation manner. ODTrack receives video frames of arbitrary length to capture the spatio-temporal trajectory relationships of an instance, and compresses the discrimination features (localization information) of a target into a token sequence to achieve frame-to-frame association. This new solution brings the following benefits: 1) the purified token sequences can serve as prompts for the inference in the next video frame, whereby past information is leveraged to guide future inference; 2) the complex online update strategies are effectively avoided by the iterative propagation of token sequences, and thus we can achieve more efficient model representation and computation. ODTrack achieves a new \textit{SOTA} performance on seven benchmarks, while running at real-time speed. Code and models are available at \url{https://github.com/GXNU-ZhongLab/ODTrack}.
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