The invention relates to a corrugated plate type coalescence cyclone separator. The separator is formed by a first stage coalescer and a second stage cyclone separator which are connected in series; the separator mainly comprises an annular corrugated plate and a hollow cylinder, wherein the rotating direction of the annular corrugated plate is consistent with the flow direction of liquid, the annular corrugated plate is provided with a first inclined circular hole at a convex part and is provided with a second inclined circular hole at a groove, and the hollow cylinder is arranged at the center of the annular corrugated plate; the separator also comprises a spacer plate, a water phase accumulation chamber, a first outer barrel and a second outer barrel, wherein the spacer plate is arranged under the annular corrugated plate, the spacer plate is provided with a water phase channel formed by four symmetric circular holes, a rectangular hole and symmetrically distributed tangential inlets of the cyclone separator, the second stage cyclone separator is connected with the spacer plate, and the water phase accumulation chamber, the first outer barrel and the second outer barrel are arranged at the outer side of the second stage cyclone separator. The device has the advantages of being high in separation efficiency, stable in operation, compact in structure, and the like.