The invention provides an underwater hollow hub-free propeller, which comprises a motor shell, a stator coil, a stator silicon-steel sheet, a rotor permanent magnet, a rotor, a screw propeller and a ceramic bearing. The stator coil is wound on the stator silicon-steel sheet, the stator coil wound on the stator silicon-steel sheet is arranged at the center of the motor shell, the rotor has a hollow annular structure, split poles of the rotor permanent magnet are fixed on the rotor to form a hollow structural rotor, the screw propeller is fixed inside the hollow rotor, and the screw propeller, the rotor and the rotor permanent magnet form a whole; and the rotor is fixed in the motor shell through the ceramic bearing. When blades rotate, induced resistance and cavity bubble phenomenon are not generated so as to greatly improve the efficiency of the screw propeller. Moreover, because the diameter of a motor is enlarged, the pole number of the motor is increased and the torque of the motor is improved, the underwater hollow hub-free propeller is particularly suitable for working in an environment with large water depth and large density; and because the motor and the screw propeller of the underwater propeller have an integral hollow structure, the underwater hollow hub-free propeller can be easily arranged on a ship hull.