Video of the incident posted to social media showed Martin addressing the crowd at the Marvel Stadium in Melbourne on Sunday as he walked around during a break between songs, before suddenly disappearing from view.
His fall appears to be broken by someone standing below the stage, and Martin soon returns to a standing position.
"That's uh, not planned. Thank you for catching me, so much. Thank you, guys," said Martin.
"Holy sh*t, that was nearly a YouTube moment," he added.
Martin then continued with the show, which was the fourth and final gig in Melbourne as part of Coldplay's Music of the Spheres world tour.
The first show in the city was also marked by an unwelcome development, as bassist Guy Berryman was absent due to illness.
"Tonight was the first time in our band's history that we've played a show without all four members onstage," Coldplay said in a post on Instagram.
"Guy was taken ill unexpectedly just before the show. Thank you for carrying us through it."
The band will play four dates in Sydney next before moving on to Auckland in New Zealand.
The tour will end with 10 shows at Wembley Stadium in London starting on August 22 next year.
Martin's mishap comes after a similar incident involving singer Olivia Rodrigo at a recent show at the Rod Laver Arena in Melbourne.
The US pop star was running around the stage lit only by a spotlight when she suddenly plunged into a hole, appearing to catch herself using her arms.
RELATED | Pop star Olivia Rodrigo falls through hole on stage | VIDEO
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