The invention discloses a water outlet mechanism capable of controlling up-down swing, comprising a pipe assembly, a switching assembly and a rotation unit, wherein the pipe assembly comprises outer pipes and inner pipes which are sheathed with each other, a water inlet channel is arranged between the outer pipe and the inner pipe, and a first water channel is formed among the inner pipes; the switching assembly comprises a fixed unit which is fixedly connected with the outer pipes and the inner pipes and is equipped with a water outlet cavity, a second water channel and two water distribution holes, the water outlet cavity is communicated with the water inlet channel, and the two water distribution holes are respectively communicated with the first water channel and the second water channel; and the rotation unit can be connected on the fixed unit in a up-down swing manner and is equipped with a sealing element, and the swing of the sealing element relative to the fixed unit is adopted to control on-off of the water distribution holes and the water outlet cavity so as to realize switching between the first water channel and the second water channel and simultaneous water-exist ofthe two water channels. In the invention, components of the water outlet mechanism have compact cooperation, good sealing property, simple and comfortable operation, and are compliance with the tendency of humanized design.