The invention relates to a permanent magnet drive on-load voltage regulating switch. The permanent magnet drive on-load voltage regulating switch comprises a change-over switch circuit, wherein the change-over switch circuit comprises an odd number of tap switching circuits and an even number of tap switching circuits, which are of the same structure; each of the tap switching circuits comprises work contacts, transitional contacts and transitional resistors between the work contacts and the transitional contacts, the work contacts and the transitional contacts respectively correspond to a movable contact, and all the movable contacts are connected in parallel; a permanent magnet is fixed to each of the movable contacts; the other ends of the permanent magnets exactly faces a movable contact driving mechanism. The permanent magnet drive on-load voltage regulating switch is simple in structure and convenient to use, dispenses with quick mechanisms, realizes switching through direct action of the contacts, and is quick and reliable in operation, low in failure rate, long in service life and high in use value.