The invention discloses a wave retaining wall for water conservancy dam. The wave retaining wall comprises a plurality of wall units, wherein each of the wall units comprises a base, a first fence wall, a second fence wall, a third fence wall and a water retaining wall, the first fence wall is arranged on the base and comprises a plurality of first wave retaining strips, and a first flow splitting gap is formed between every two adjacent first wave retaining strips; the second fence wall is arranged on the base and is located behind the first fence wall, the second fence wall comprises a plurality of second wave retaining strips, the second wave retaining strips correspond to the first flow splitting gaps, and a second flow splitting gap is formed between every two adjacent second wave retaining strips; the third fence wall is arranged on the base and is located behind the second fence wall, the third fence wall comprises a plurality of third wave retaining strips, and the third wave retaining strips correspond to the second flow splitting gaps; and the water retaining wall is arranged on the base and is located behind the third fence wall. According to the wave retaining wall, the impact force of water waves can be reduced step by step through the first fence wall, the second fence wall and the third fence wall, and therefore the impact of the water waves on the water retaining wall can be reduced, and the service life of the wall element is prolonged.