The invention discloses a cascade heating multi-mode coupled multi-water-tank dual compression heat pump water heater. The water heater comprises an evaporator, a first compressor, a first stop valve,a second stop valve, a second compressor, a first expansion valve, a second expansion valve, a heat regenerator, a third expansion valve, a second condenser, a first condenser, a water pump, a thirdstop valve, a fourth stop valve, a fifth stop valve, a sixth stop valve, a seventh stop valve, an eighth stop valve, a ninth stop valve, a tenth stop valve, a flow adjusting valve, a first water tank,a second water tank, a third water tank, a first water mixing valve, a second water mixing valve, a third water mixing valve and an eleventh stop valve. The two-stage compression two-stage throttlingtype heat pump circulation is adopted for carrying out cascade heating on the multiple water tanks with different set temperatures through multi-mode switching, the water tanks with different set temperatures are separately heated by switching the different stop valves in different coupled modes, and water is taken out from the water tanks with different set temperatures. The cascade heating multi-mode coupled multi-water-tank dual compression heat pump water heater is high in heat production efficiency.