The invention belongs to a hot-water type dynamic-regulating type steam-water direct-mixing type heat-exchanging device, which comprises a front three-way pipe (1), a front core (2), a middle three-way pipe (3), a middle core (4), a long two-way pipe (5), a temperature sensor, an electric executing mechanism and a controller, wherein the front core (2) is coaxially arranged in the middle three-way pipe (3), the middle core (4) is nested between the middle three-way pipe (3) and the long two-way pipe (5), a regulating device (7) is arranged between the front core and the middle core, the regulating device can make axial forward and backward horizontal movement under the driving of the electric executing mechanism, the regulating device is formed from a water-direction regulating surface (14) and a steam-direction regulating surface (15), the magnitude of the steam quantity is controlled by adjusting a variable sectional area formed from the steam-direction regulating surface and the inner wall surface of a front-core nozzle, and the magnitude of the inlet-water quantity is controlled by adjusting the variable sectional area formed from the water-direction regulating surface and theouter wall surface of the front-core nozzle. When the steam parameter of a user is changed, the purpose of continuous and dynamic regulation is achieved under the condition that the operation of a system is not stopped.