The invention provides an exhaust valve for a lathe cooling system. The exhaust valve comprises a water collector, a plug, a floating ball, a connecting rod, a sealing pad, a pipe and a protective cover; the water collector comprises a sleeve arranged at the front end of the pipe; the back end of the pipe is connected with one end of the connecting rod through the sealing pad; the plug is in threaded connection with the other end of the connecting rod; the floating ball is arranged in the pipe, and is sealed in the sleeve; the protective cover is mounted in the sleeve in parallel; and an exhaust port is formed in the top end of the back part of the sleeve. The exhaust valve is reasonable in structural design, simple in operation and excellent in splashing injury preventing effect; and evenif dirt exists, the exhaust valve cannot be blocked, the exhausting is not influenced, the water leakage is prevented. Materials adopted by the exhaust valve cannot be deformed even if dipping in high-temperature water for a long time, and are firm, durable and high in safety coefficient; meanwhile, the exhaust valve is reasonable in structural design, simple in operation and excellent in splashing injury preventing effect; and even if the dirt exists, the exhaust valve cannot be blocked, the exhausting is not influenced, the water leakage is prevented.