The invention discloses a wet type dual-function explosion-proof motor. A motor shaft (1) penetrates into the motor and is supported by a front bearing and a back bearing, a rotor assembly and an internal water wheel are fixed on the motor shaft (1) inside the motor, and an external water pipeline (13) is arranged in a clearance between a case and a stator assembly. A water inlet (17) of a water distributor (15) and a water outlet (18) of a water collector (16) are mutually communicated through the external water pipeline (13), and a cooling water channel of internal water is formed by splicing the case (2), the external water pipeline (13) and the stator assembly. In the invention, external water is used for cooling heat generated by the motor per se, so that the motor not only can normally work in air environment or explosive gas environment, but also can stably and reliably work for long time in underwater environment. Moreover, the motor can be used together with the traditional multi-stage pump, can be used for reforming the traditional underwater mining draining pump, and thus, the drainage system can resist disasters. Because an adjusting bag is added, the submergence depth of the motor can be greater than the rated head of the water pump.