The invention provides a water and electricity isolated type electric water heater, and belongs to the field of electric water heaters. The electric water heater comprises a casing, wherein a water tank is arranged in the casing; a heater body is arranged in the water tank; a power module is arranged in the casing, and is used for supplying power to the heater body; the heater body comprises an oil tank and an electromagnetic coil; an iron core is fixed in the oil tank through an insulating support; eddy current is formed by the electromagnetic coil through the iron core to generate heat; the electromagnetic coil is connected with the power module; the oil tank is connected with a heat dissipation pipeline through a circulating pump; the circulating pump is connected to the power module; a controller for adjusting the power is arranged on the power module; the heat dissipation pipeline is mounted in the water tank; the water and electricity isolation can be effectively conducted.