The invention discloses a heat recovery system for an electric furnace. The heat recovery system for the electric furnace comprises a wall-hanging furnace, a balance-type flue, an air inlet, heat dissipation fins, a smoke outlet, a water tank, a heating water outlet pipe, a domestic hot water pipe, a valve, a gas pipe, a running water pipe, a heating backwater pipe, a bathroom water utilization device and a water delivery pipe, wherein the balance-type flue is arranged in the top of the wall-hanging furnace; the air inlet and the smoke outlet are formed in the balance-type flue; the water tankis arranged on the smoke outlet, and the smoke outlet is fixedly connected with the water tank; the heat dissipation fins are arranged in the water tank; the running water pipe and the water deliverypipe are arranged on the water tank; the water tank is connected with running water through the running water pipe; the heating water outlet pipe, the domestic hot water pipe, the gas pipe, the running water pipe and the heating backwater pipe are arranged below the wall-hanging furnace; the water tank is fixedly connected with the domestic hot water pipe through the water delivery pipe; and thedomestic hot water pipe is fixedly connected with the bathroom water utilization device. Through the arrangement of adding the water tank, water in the water tank is heated by virtue of smoke, so thatthe working efficiency of the wall-hanging furnace is increased.