An underground water level observation device for a mine shaft and a hydrological observation hole belongs to the technical field of underground water level measurement equipment and is used for observing underground water levels of the mine shaft and the hydrological observation hole. According to the technical scheme, the device comprises a universal meter, a winder, a measuring line and a measuring hammer, the measuring line is an externally insulated wire, the measuring line is wound on the winder, one end of the measuring line is connected with a binding post of the universal meter, the other end of the measuring line is connected with the measuring hammer, the other binding post of the universal meter is grounded through a grounding electrode, and the measuring hammer is lowered intoa vertical shaft or a hydrological observation hole. The device has the characteristics of simple structure, small size, convenience in carrying, accurate measurement, light weight, simplicity and convenience in manufacturing, low manufacturing cost, low power consumption and the like; the underground water level of a vertical shaft and a hydrological hole can be rapidly measured, the requirementfor dynamic monitoring of the underground water-rich mine water level is met, potential safety hazards in observation work are eliminated, observation work expenses and cost are reduced, and the device is suitable for application and popularization.