The utility model relates to water-cooled 35kV outdoor SVG (static var generator) dynamic reactive power compensation equipment. Power modules of A, B and C phases are correspondingly installed in three containers. An inner left side of the each container body is a line inlet side and a right side is a central point side. There are three layers of the power modules in the each container. The each layer of power modules are connected in series and form one body. Main insulators are arranged between the lowest layer of the power modules and the container body. Interlayer insulators are arranged between the upper layer of the power modules and the lower layer of the power modules. Three layers of water inlet/outlet pipes are arranged with intervals in the container body from top to bottom. Control chambers are arranged in the containers where the A phase and the C phase are located. A water chilling unit is arranged in the container where the B phase is located. An outer cold exchanger and an outer thermantidote are arranged outside the container. The water inlet/outlet pipes in the container are connected with the water chilling unit. The water inlet/outlet pipes in the container where the other two phases are located are connected with the water chilling unit through a pipeline respectively. The equipment of the utility model can be operated independently and transportation is convenient. An environment adaptability is strong. The equipment is especially suitable for continuously long-term operation in a water-deficient area.