The invention discloses a novel tail water tunnel ventilation hole structure. The structure comprises a ventilation hole, a movable baffle plate, a movable connecting rod, a spring, a buffer device, an annular antiskid block body and a clamping groove. The ventilation hole is a two-way ventilation hole; when negative pressure is generated in a tail water tunnel, air enters the ventilation hole from external, air currents can eject up the movable baffle plate, the movable baffle plate drives the movable connecting rod to move along the inclined upper side, and at this time, the movable baffle plate is totally opened, the intake area is maximal, the air replenishing speed is quicker, and the negative pressure of the tail water tunnel can be timely relieved; and when the tail water tunnel is exhausted, pressure of reverse air currents can enable the movable baffle plates to move along the inclined lower side, the movable baffle plate is engaged with the clamping groove, the ventilation hole is closed, the air currents are exhausted from round holes reserved in the movable baffle plate, and the exhaust speed is slower, so that the transient pressure is largely reduced when air masses are exhausted out of the hole. The structure can largely relieve the negative pressure in the tunnel in air suction and the collision pressure in air exhausting under the precondition of satisfying other safety and reliability requirements, and in particular, is prominent in effect for the tail water tunnel of a hydropower station and a city pipe network.