The invention discloses a fountain regulating buoy, which comprises a regulating buoy body, a draining pump, a water injection pump and a fountain mechanism supporting platform, wherein the fountain mechanism supporting platform is fixed on the upper end opening of the fountain regulating buoy body; the draining pump is fixed on the inner wall of the regulating buoy body; the water outlet of the draining pump is connected with a draining pipe; a control cable of the draining pump extends out from the side wall of the regulating buoy body; the water injection pump is arranged on the fountain mechanism supporting platform; the water outlet of the water injection pump is connected with a water injection pipe; an air pipe is fixed on the fountain mechanism supporting platform; and the draining pipe, the water injection pipe and the air pipe are provided with solenoid valves. Compared with the prior art, the fountain regulating buoy has the advantages that: the fountain waterscape shape isstable; the structure is simple, the construction is convenient and low in cost; the fountain can be pulled onto shore when having a fault and put in an original place after being repaired and can bestored at water bottom rather than pulled onto shore for storage; and both use and maintenance are convenient.