The invention provides a supervisable blockchain construction method based on group signature. A group administrator, a blockchain user and a blockchain verification node are included, wherein the blockchain user needs to register to the group administrator to obtain a user private key; a group signature is generated by using the user private key, and a knowledge proof is generated by using a local secret number; and the blockchain verification node verifies the group signature by using the group public key and verifies the knowledge proof in the transaction, thereby ensuring that the transactions of all blockchains are generated by registered users, preventing the users from being blurred, and enabling a group administrator to recover the identities of the users through the group privatekey and the group signature to realize supervision. According to the method, the traceability, the non-linkability and the supervisibility of user transaction can be realized at the same time, the supervisibility problem of the blockchain is solved, the method is directly applied to the blockchain adopting a UTXO mode, and the supervisibility is provided by performing adaptive transformation on the block chain.