The invention relates to a vertical smelting furnace for continuously casting tungsten carbide, which is of a vertical structure and consists three parts, namely a feeding part, a heating part and a cooling part, wherein the feeding part is used for providing a mixture of tungsten powders and tungsten carbide powders for the heating part; an inner step is arranged in a heating pipe of the heatingpart; a graphite funnel is arranged on the inner step and is provided with a lining with exhaust holes; the mixture is heated in the funnel to form a cast tungsten carbide solution in a WC+W2C eutectic structure, and the solution continuously drops to the cooling part; the cooling part is of a double-cooling structure consisting of a cooling air pipe and a bucket-type water cooling jacket or is in a direct water cooling structure; and the cooling part is used for quickly cooling the solution dropping from the heating part to a process temperature and conveying the solution outside the furnace. The smelting furnace has the advantages of high cooling speed, low degree of oxidation for materials, low energy consumption, high yield and continuous production and operation. In addition, the graphite funnel is provided with the lining with the exhaust holes, so that the heating pipe is prevented from being adhered with the graphite funnel, and the graphite funnel is convenient to be disassembled from the heating pipe.