To inspect subsea cables, an autonomous underwater vehicle (AUV) with two triaxial magnetometers is usually assigned to track the cable route. In this paper, a novel two-layer framework synthesizing antinoise cable localization and robust tracking algorithm is proposed to guide an AUV to track subsea cables in the presence of sensor noise and ocean currents. First, an analytic formulation for the cable localization using two magnetometers is derived, and then a dedicated magnetic line-of-sight (LOS) guidance is built based on the horizontal offset between the AUV and the cable. Second, a novel antinoise method by estimating the horizontal offset is integrated into the LOS guidance law to reduce the negative effects of magnetic noise in the kinematic layer. Subsequently, in the dynamic layer, a simplified yet robust feedback controller with reduced implementation complexity is designed to track the desired guidance profiles, such that the AUV is able to track subsea cables in the presence of sensor noise and ocean currents. In addition, the capability of dynamic control laws accounting for ocean currents is analyzed in the amplitude–frequency domain. Finally, numerical studies illustrate the antinoise and robust performance of the proposed two-layer framework for subsea cable tracking.