The invention discloses a stepped graded spillway with an energy dissipation effect, and belongs to the technical field of water conservancy and hydropower building engineering. The spillway comprises a first-stage stilling pool, a first-stage chute, a second-stage stilling pool, a third-stage stilling pool, a second-stage chute, a fourth-stage stilling pool and an apron which are sequentially arranged from upstream to downstream, the upstream side of the first-stage stilling pool is connected with a flood discharge tunnel, and the downstream side of the apron is smoothly connected with an original river channel. The spillway is arranged at an outlet of the spillway tunnel, and spillway water flows through the multi-stage stilling pool and the multi-stage chute to fully dissipate energy and then is discharged into an original river channel, so that scouring to the original river channel is relieved, and the safety of downstream buildings is guaranteed; meanwhile, due to the fact that the first-stage stilling pool, the first-stage chute, the second-stage stilling pool, the third-stage stilling pool, the second-stage chute and the fourth-stage stilling pool are each of a closed structure in the transverse direction, flood discharge atomization can be prevented from being caused in the energy dissipation process.