The invention discloses a rapid vacuum induction casting electric furnace comprising a rack, wherein a vacuumizing system, a water cooling system and a medium frequency power supply are arranged on the rack. The electric furnace is characterized in that the rack is provided with a casting furnace, wherein the casting furnace is composed of an inspection microscope base, a base, an insulated furnace tube and an inductor copper pipe which is helically preinstalled in the insulated furnace tube; the inspection microscope base is hermetically connected with a vacuum pipeline of the vacuumizing system; the inspection microscope base is provided with an inspection microscope; the two ends of the inductor copper pipe are provided with a water inlet and a water outlet respectively and are respectively led out via the insulated furnace tube; the section, corresponding to the middle part of the casting furnace, of the inductor copper pipe is electrically connected with the medium frequency power supply; a reciprocating hoisting mechanism is arranged below the casting furnace on the rack; and the upper end of the reciprocating hoisting mechanism is provided with a tray. The electric furnace has the following advantages: smelting and casting can be carried out simultaneously, the yield of cast products is high and the product percent of pass can reach more than 85%, so the electric furnace is especially applicable to casting products with complex shapes; the casting time is short and the production efficiency is high; and the product density is high and the product quality is good.