The invention relates to an underwater pressure sensor based on a magneto-rheological effect. The underwater pressure sensor is composed of an upper shell, a second O-shaped ring, a magnet exciting coil, a bolt, a nut, a first elastic body, a third polar plate, a second polar plate, a first polar plate, a positioning block, a lower shell, a framework, a third elastic body, a second elastic body, aprotective sleeve, a power-on wire, a current controller, a fourth polar plate, a push plate and a first O-shaped ring. The upper shell and the lower shell are connected through the bolt and the nut;the positioning block is mounted at the lower shell, and the framework is mounted at the upper part of the positioning block; the framework is provided with the magnet exciting coil and the protective sleeve; the push plate is in clearance fit with the upper shell, and first-stage sealing is carried out through the first O-shaped ring; and the push plate is arranged on the fourth polar plate, andsecondary sealing is carried out through the second O-shaped ring. The sensor has the advantages that the manufacturing cost is low, the piezoresistive effect of the magneto-rheological elastomer isutilized, the pressure calibration range is wider, and certain accuracy can be improved.