The invention is suitable for the field of heating pipe thermal compensation, and provides an axial corrugated compensator, which includes a first work tube and a second work tube, wherein a corrugated tube is arranged between the first work tube and the second work tube; a stream guide cylinder used for protecting the corrugated tube and dredging a stream guide medium is arranged in the corrugated tube; the periphery of the corrugated tube is further sleeved and connected with a corrugated outer sleeve; one end of the corrugated outer sleeve is fixed with the first work tube, and the second work tube is sleeved and connected with the other end movably; the second work tube is further sleeved and connected with a sleeve; one end of the sleeve is fixedly connected with the movable end of the corrugated outer sleeve; and a clearance between the second work tube and the sleeve is tightly filled with an amorphous state high-polymer material. The technical scheme provided by the invention eliminates a small pull rod, so that construction procedures are simpler, the coaxality of the corrugated tube and the work tubes is stronger to further ensure the stability of the corrugated tube, and further the corrugation number of the corrugated tube can be increased indirectly to enlarge the maximum compensation dosage of the compensator.