The invention relates to a drilling hole reamer with hydraulic double effect used in well drilling of petroleum and natural gas, comprising a central tube, a body, a knife wing, a valve flake, a spring, a bend, a nozzle, a sealing ring, a crank and a cutting teeth. The body is connected with a drill stem by a thread connection. The technical proposal is that: the knife is embedded outside the body and is connected with the body by a pin roll connection; the central tube is arranged in the body; an overflow opening and the valve flake are arranged in the central tube and connected together by a spring. Under normal displacement work condition, overflowing area between the valve flake and the overflowing opening is large; the overflowing area is reduced when the displacement is enlarged and the central tube is driven to downlink by differential pressure, and the knife wing is open to work by the crank arranged on the knife wing, at the moment the cutting tooth is cleaned by partial slurry passing through the bend; when the displacement is reduced, the central tube is driven to uplink by thrust of the bottom spring and then the knife wing is reset. The drilling hole reamer with hydraulic double effect used in well drilling of petroleum and natural gas has the advantages of simple structure, high functional reliability, less loss of pressure consumption, balance load of the knife wing, usage along with the drilling or the single and usage in well drilling construction of a bore hole wall with reducing diameter, collapsing block or blocking well condition.