The invention belongs to the field of shield construction, and discloses a double-mode shield tunneling machine. The double-mode shield tunneling machine comprises a shield tunneling main engine, a cutterhead arranged on the front portion of the shield tunneling main engine, an earth bin, an air cushion bin, an earth pressure balancing system and a slurry balancing system, wherein the earth bin, the air cushion bin are sequentially formed in the rear portion of the cutterhead. When the shield tunneling machine works, the shield tunneling machine can be switched between an earth pressure balancing tunneling mode and a slurry balancing tunneling mode according to the strata of practical tunnels, so that the shield tunneling machine is adaptive to tunneling under different geological conditions, and the adaptability to complex strata and the shield construction efficiency are improved. Meanwhile, a dilution tank and a breaker are mounted on the tail of a spiral conveyer to break large rocks to the grain size which can be conveyed by a slurry pump, and the broken large rocks are then discharged through a slurry pipeline, and in this way, the situation that large rocks cannot be discharged smoothly in a slurry mode can be prevented effectively.