Three-layer full-color dynamic electronic paper, comprising a substrate, a controller, a first EWOD display layer, a second EWOD display layer and a third EWOD display layer, wherein each of the first, second and third EWOD display layer is comprised of an upper transparent electrode plate, a hydrophobic insulating layer, pixel walls, colored ink, colorless liquid, a lower transparent electrode plate, an encapsulation adhesive, and a driving chip connected to the upper transparent electrode plate and the lower transparent electrode plate respectively; the lower transparent electrode plate of the third EWOD display layer is located above the substrate; the colored ink filled in the first, second and third EWOD display layer is cyan ink, magenta ink and yellow ink, respectively; and, the controller controls voltage waveforms of the three driving chips according to a subtractive color mixture principle of three primary colors for printing, so as to realize full-color displaying.