The invention discloses a shield tunneling machine with a mud water mode and an earth pressure mode. The shield tunneling machine comprises a mud water chamber, an air cushion chamber, a hydraulic communication valve, a screw conveyor, a mud box, a belt conveyor, a mud inlet pipeline, a mud discharge pipeline, a first circulating flushing pipeline and a second circulating flushing pipeline, wherein the mud water chamber is arranged between a cutter head and a shield body; the air cushion chamber is disposed between the mud water chamber and the shield body; the hydraulic communication valve isarranged between the mud water chamber and the air cushion chamber; the inlet of the screw conveyor connected to the bottom of the mud water chamber; the mud box and the belt conveyor are detachablyconnected to the outlet of the screw conveyor; the first circulating flushing pipeline can deliver the mud in the mud inlet pipeline to the central portion of the cutter head, and the second circulating flushing pipeline can deliver the mud in the mud box to the mud water chamber and the air cushion chamber. When the shield tunneling machine is in the mud water work mode, the hydraulic communication valve is turned on, the mud water chamber communicates with the air cushion chamber, and the outlet of the screw conveyor is connected to the mud box; when the shield tunneling machine is in the earth pressure work mode, the hydraulic communication valve is turned off, the mud water chamber blocks the air cushion chamber, and the outlet of the screw conveyor is connected to the belt conveyor. The shield tunneling machine has the advantages of wide applicable stratum range, multiple functions of the tunneling mode, high precision of pressure control and the like.