The invention discloses a waterproof structure of a basement exterior wall settlement joint. The waterproof structure comprises a rubber water stop belt arranged in the settlement joint, a first U-shaped water stop belt, a first water swelling water stop strip, a first sealing filler, a second U-shaped water stop belt, a second water swelling water stop strip, and a second sealing filler, wherein the two ends of the rubber water stop belt are embedded into exterior wall concrete at the two sides of the settlement joint; the first U-shaped water stop belt is fixedly arranged on the exterior wall concrete at one side of an upstream face, and the U-shaped end part of the first U-shaped water stop belt is plugged at one side of the upstream face; the first water swelling water stop strip is arranged on a position, on the rubber water stop strip, in the settlement joint, and positioned at one side of the upstream face; the first sealing filler is filled at a position, outside the first water swelling water stop strip, in the settlement joint; polymer mortar is plugged in a position, between the first sealing filler and the first U-shaped water stop strip, in the settlement joint; the second U-shaped water stop strip is fixedly arranged on the exterior wall concrete at one side of a downstream face; the U-shaped end part of the second U-shaped water stop strip is plugged at one side of the downstream face; the second water swelling water stop strip is arranged at a position, on the rubber water stop strip, in the settlement joint, and positioned at one side of the downstream face; and the second sealing filler is filled at a position, between the second water swelling water stop strip and the second U-shaped water stop belt, in the settlement joint.