The invention discloses a real-time adjustable and controllable hanging type underground oil and water separating system, which comprises an underground sleeve pipe, a water injection oil pipe, an oil extracting oil pipe and a flow rate control valve, wherein the flow rate control valve is arranged at the wellhead part, the aboveground ground is provided with a visual control device, a hanging type three-way joint connected with the oil extracting oil pipe, an oil and water separator and the water injection oil pipe is arranged in the sleeve, the oil and water separator is connected with an electric submersible pump unit, a water injection pressure regulating device is arranged on the water injection oil pipe, a flow rate and pressure monitoring instrument is arranged in the electric submersible pump unit, a flow rate and pressure monitoring instrument and a regulating valve are arranged in the flow rate control valve, monitoring instrument cables and signal transmission cables are respectively connected among the electric submersible pump unit, the water injection pressure regulating device, the flow rate control valve and the visual control device, the visual control device converts received real-time flow rate and pressure signals into visual data to be output, and the work of the whole system is regulated and controlled. The hanging type underground oil and water separating system has the advantages that the stability is high, the treatment capability is high, and the hanging type underground oil and water separating system can be widely applied to an oilfield same-well production injection process.