The invention discloses a motorboat power engine modified by using a K14B engine and a modification method. The motorboat power engine comprises an engine body, a crank-link mechanism, a valve actuating mechanism, a lubricating mechanism, a fuel supply mechanism, a cooling mechanism, a starting mechanism, an ignition mechanism and a silencer, wherein a distance between the shaft centre of the crank-link mechanism and the bottom of an oil sump, namely, an output shaft centre distance, is shorter than 140mm; and an engine oil filter of the lubricating mechanism faces a part behind flywheels. As the height of the oil sump is reduced, the mounting direction of the engine oil filter is changed, horizontal intake manifolds are adopted to reduce the height of transverse intake manifolds, a water-cooled exhaust pipe is adopted and is in water-cooled flexible connection with the silencer, and speed drive is changed into direct drive, the K14B engine can be well arranged on a motorboat. The motorboat power engine can serve as a floating power device of the motorboat.