This article is dedicated to developing an online collision detection and identification (CDI) scheme for human-collaborative robots. The scheme is composed of a signal classifier and an online diagnosor, which monitors the sensory signals of the robot system, detects the occurrence of a physical human–robot interaction, and identifies its type within a short period. In the beginning, we conduct an experiment to construct a data set that contains the segmented physical interaction signals with ground truth. Then, we develop the signal classifier on the data set with the paradigm of supervised learning. To adapt the classifier to the online application with requirements on response time, an auxiliary online diagnosor is designed using the Bayesian decision theory. The diagnosor provides not only a collision identification result but also a confidence index which represents the reliability of the result. Compared to the previous works, the proposed scheme ensures rapid and accurate CDI even in the early stage of a physical interaction. As a result, safety mechanisms can be triggered before further injuries are caused, which is quite valuable and important toward a safe human–robot collaboration. In the end, the proposed scheme is validated on a robot manipulator and applied to a demonstration task with collision reaction strategies. The experimental results reveal that the collisions are detected and classified within 20 ms with an overall accuracy of 99.6%, which confirms the applicability of the scheme to collaborative robots in practice. Note to Practitioners —This article is intended to provide a novel online collision event handling scheme for robots in industrial environments. This scheme is designed to quickly and accurately detect an accidental collision and distinguish it from the intentional human–robot interaction. The method takes the raw signals from external torque sensors and provides a collision diagnosis result with a reliability index. The simple structure makes it easy to be implemented as a regular fault monitoring routine for collaborative robots. Different from the conventional methods, the proposed collision identification scheme in this article especially focuses on overcoming the following two challenges in practice: first, to timely and accurately report a collision within its early stage, and second, to ensure a high identification accuracy in a complicated environment, where ubiquitous disturbance and noise are unneglectable. The experimental validation at the end of this article confirms its promising application value in human–robot collaboration.