The invention discloses a magnetoelectric velocity transducer with a self-checking function. The magnetoelectric velocity transducer comprises an inner core component arranged inside an outer shell, the inner core component comprises a connecting support, an induction element, coils, a permanent magnet and a circuit board, the induction element is fixed to the front portion of the connecting support, the coils are fixed to the periphery of the middle segment of the connecting support, the permanent magnet is arranged in an inner cavity of the connecting support, the circuit board is fixed to the rear portion of the connecting support, a signal processing circuit and a power source circuit are integrated in the circuit board, the induction element and the coils are respectively and electrically connected with the circuit board, and after the induction element inducts magnetic field changes generated after the coils are powered on, processing is carried out by the circuits integrated in the circuit board to output square signals. Whether the function of the transducer and a detection signal link are normal or not can be detected by the transducer without dismounting the transducer, the operation is easy and convenient, and the structure is compact.