This paper proposes a decision tree (DT) based systematic approach for cooperative online power system dynamic security assessment (DSA) and preventive control. This approach adopts a new methodology that trains two contingency oriented DTs on daily basis by the databases generated from power system simulations. Fed with real-time wide area measurements, one DT about measurable variables is employed for online DSA to identify potential security issues and the other DT about controllable variables provides online decision support on preventive control strategies against those issues. A cost effective algorithm is adopted in this proposed approach to optimize the trajectory of preventive control. The paper also proposes an importance sampling algorithm on database preparation for efficient DT training for power systems with high penetration of wind power and distributed generation. The performance of the approach is demonstrated on a 400-bus, 200-line operational model of western Danish power system.