The invention relates to a construction method of an embedded hidden type soil nail combined with a basement exterior wall structure. The construction method comprises the following steps: 1, carryingout earthwork side slope construction; 2, carrying out soil nail slope surface groove construction; 3, spraying a first-layer rebar protective layer; 4, trepanning the soil nail; 5, mounting the soilnail and grouting; 6, mounting rebar meshes; 7, spraying concrete for the second time; 8, mechanically spraying a floated coat on the concrete sprayed for the second time; 9, paving and pasting waterproof roll as a waterproof layer on the floated coat; 10, carrying out waterproof protection layer construction on the waterproof layer; and 11, carrying out following basement exterior wall construction. According to the construction method, soil nailing wall supporting is utilized to serve as part of the basement exterior wall structure, so that the earthwork backfilling volume is reduced, the cost is lowered, the construction is convenient, the working efficiency is improved and the time limit for a project is shortened.