The invention relates to a propelling floating ship with a propelling floating frame being retractable. The propelling floating ship with the propelling floating frame being retractable comprises a ship body, a propelling device and a propelling floating device, wherein the propelling floating device comprises the propelling floating frame located on the head portion of the ship body, an adjusting mechanism used for driving the propelling floating frame to rotate around the head portion of the ship body so as to adjust the underwater depth of the propelling floating frame, and a propelling plate arranged on the propelling floating frame. The propelling floating frame comprises a first support transversely arranged on the stem in the width direction of the ship body, a second support and a third support, wherein the second support and the third support are rotationally arranged on the two end portions of the first support around the axes in the vertical direction. The propelling floating device further comprises a driving mechanism used for driving the second support and the third support to be oppositely unfolded and folded towards the two sides of the ship body. According to the propelling floating ship, the propelling floating frame can be oppositely unfolded and folded according to the water area width for adjusting arrangement, and therefore the water face flotage converging work is more convenient; and meanwhile, the structure is simple, implementation is convenient, and flexibility and universality are both good.