The invention provides a bladeless underwater propulsion system. The bladeless underwater propulsion system comprises a main base body, a vertical propeller set and a horizontal propeller set. The main base body comprises a shell, a variable-frequency direct-current permanent magnet motor, a cable connector, supercharging equipment, a water inlet pipeline, a water outlet pipeline and the like. Thevertical propeller set is used for providing power for the bladeless underwater propulsion system to float upwards, and the horizontal propeller set is used for providing power for the bladeless underwater propulsion system to advance, retreat and turn. An electromagnetic valve is arranged on the water outlet pipeline and used for adjusting the size and direction of water flow of outlet pipelinesof all the branches, then the thrust of all the propellers is changed, and therefore the movement functions of floating, diving, advancing, retreating, turning and the like of the bladeless underwater propulsion system are achieved. The bladeless underwater propulsion system can adapt to underwater severe environments, and has the advantages of high compatibility, low noise, high safety coefficient, compact structure, small size, light weight and the like.