Due to the occlusion of the moon, an annular solar eclipse will have an effect on the ionosphere above the earth. The change of the ionosphere, for the low-frequency time-code signal that relies on it as a reflection medium for long-distance propagation, the signal field strength, and other parameters will also produce corresponding changes, which will affect the normal operation of the low-frequency time-code time service system. This paper selects the solar eclipse that occurred in China on 21 June 2020, and uses the existing measurement equipment to carry out experimental research on the low-frequency time-code signal. We measured and analyzed the signal field strength from 20 June 2020 to 23 June 2020, and combined solar activity data, ionospheric data, and geomagnetic data, and attempted to explore the reasons and rules of the change of signal parameters. The results showed that the field strength of the low-frequency time-code signal changed dramatically within a short time period, the max growth value can reach up to 17 dBμV/m and the variation trend yielded ‘three mutations’. This change in signal field strength is probably due to the occurrence of a solar eclipse that has an effect on the ionosphere. When the signal propagation conditions change, the signal strength will also change accordingly.