The invention provides a folding portable electric bicycle provided with a telescopic steering handlebar. The folding portable electric bicycle comprises the telescopic steering handlebar, a front fork rod, a front frame, a middle beam, a rear fork piece, a saddle, a front wheel, a rear wheel and an electric driving system. The telescopic steering handlebar is connected with the front fork rod and the front frame and composed of a left handlebar body, a right handlebar body, an upper locking piece, a lower locking piece and a handle. The front frame is composed of a rotating component and a front connecting piece. The middle beam is formed by connecting a beam pipe, a front internal brake shoe, a front slotted piece, a rear slotted piece, a rear internal brake shoe, two pedal pieces and two traveling wheels. The rear fork piece is formed by connecting a left fork piece, a right fork piece, a suspension supporting piece and a reinforcing rod. The saddle is formed by connecting a saddle pipe, a locking and connecting piece, a connecting rod, a saddle body and a folding and positioning hook. The front wheel is mounted on a front axle. The rear wheel is mounted at the rear ends of the left fork piece and the right fork piece. The electric driving system comprises a motor, a battery, a controller and a control switch. The motor is arranged on the rear wheel. The battery and the controller are both arranged in the beam pipe of the middle beam.