The utility model discloses a continuous wave mud-pulse generator mounted in a drill collar. The continuous wave mud-pulse generator comprises a stator mounting sleeve, a drive shaft, a seal taper head, at least one first dust ring, a seal sleeve and a drill collar internal mounting sleeve. Better sealing can be achieved with the continuous wave mud-pulse generator, mutual isolation between external mud and lubricating oil when the drive shaft of the continuous wave mud-pulse generator rotates at high speed is better guaranteed, the fact that the mud enters the power output unit and causes damage to a power mechanism is avoided, and system reliability is improved.