The invention discloses a dual-frequency terahertz wave parametric oscillator, comprising a KD*P crystal, a polarizer, a laser pumping module, a GaAs crystal, and a reflector and a paraboloid mirror arranged around the GaAs crystal. A pump source is provided by a first mirror, second mirror, third mirror, Fourth mirror, fifth mirror, a sixth mirror, a seventh mirror, an eighth mirror, a KD*P crystal, a polarizer, and a laser pumping module. The pumping light emitted from the pumping source is resonantly amplified in a resonant cavity composed of a first mirror, a second mirror, a third mirror,a fourth mirror, a fifth mirror, a sixth mirror, a seventh mirror, and an eighth mirror. In the process of optical parameters, Stokes light and pump light in the cavity can be recycled, and the efficiency of pump light can be improved effectively. Four THz waves are emitted perpendicular to GaAs crystal, and no coupling device is needed to reduce the loss of THz wave.