A traffic warning lamp comprises an LED module, a drive circuit and a switch. The LED module comprises a substrate, a plurality of LED chips and a transparent part, wherein the LED chips capable of emitting light of different colors are fixed on the substrate, the transparent part is used for packaging the LED chips, and the LED chips include red LED chips and green LED chips. The drive circuit is used for driving the LED module to emit light, and the switch is electrically connected with the drive circuit and used for controlling the LED module to emit red light, green light and yellow light. Since the traffic warning lamp adopts the LED module principle, the LED module can emit light of different colors, the required LED quality is decreased effectively, idleness of LEDs is avoided, use rate of the LEDs is increased greatly, and single LED module is high in luminance.