Neural entrainment to acoustic rhythms underlies intelligibility in speech as well as sensorimotor responses to music. This property of neural dynamics, where cortical oscillations align in phase and frequency with a periodic stimulus, is well-studied in the context of sensory encoding and perception. However, little is known about how affective components in naturalistic music influence neural entrainment. The present study investigates the effect of live versus recorded music on neural entrainment and tracking using phase-based and linear modeling approaches. 21 participants listened to 2 live and 2 recorded performances of fast and slow movements of solo violin while their EEG data were collected with a mobile system. Participants made behavioral ratings of engagement, spontaneity, pleasure, investment, focus, and distraction after each trial. Live performances were rated as more engaging, pleasurable, and spontaneous than recorded performances. Live trials showed significantly higher acoustic-EEG phase-locking than recorded trials in the frequency range associated with the note-rate of the fast excerpts. Furthermore, the effect of liveness on phase-locking was strongest in individuals who reported the greatest increases in pleasure and engagement for live over recorded trials. Finally, forward linear mapping revealed stronger neural tracking of spectral over amplitude-related acoustic features and a sensitivity to tempo in neural tracking. Altogether, results suggest that experiencing music live strengthens cerebro-acoustic relationships by enhancing rhythmically-driven neural entrainment alongside perceived pleasure and engagement.