The invention discloses an impeller type wide range electronic water gauge, which includes a water gauge body, an electro-mechanical transformation device, a signal pre-processing component, an embedded microcomputer and an electronic display, meanwhile, the invention further discloses an error correction method for the water gauge, which comprises the following steps: a, drawing a water gauge error curve through real flow measurement; b, measuring the impeller rate of the water gauge under the real flow condition, and taking the rate as a dividing value of a calibration interval; c, measuring and confirming the values of the standard impulse equivalent ki and the values of the correction factor Wi of flow dividing points; d, setting an error correction table in a storer; e, measuring and calculating the flow equivalence value in ti time quantum in the sampling period Ti, and confirming the corresponding value of ki and value of correction factor Wi through the error correction table; f, calculating and obtaining the volume value at the calibration interval; and g, finally displaying the measurement result. Compared with the prior art, the water gauge calibrated through adopting the method provided by the invention is greatly improved in metering performance and using function.