The invention discloses a variable rotor oil pump regulated and controlled by a wave wheel. The variable rotor oil pump is composed of a pump body, a pump cover, a wave wheel regulating and controlling ring, an outer rotor, an inner rotor, a transmission shaft, a spring and a safety valve component, wherein the pump body and the pump cover are connected through a bolt; the wave wheel regulating and controlling ring and the spring are installed in a wave wheel ring hole and a spring groove hole which are positioned on the pump body, the middle part of the transmission shaft is in interference fit with the inner rotor, and the transmission shaft, the inner rotor and the outer rotor are installed in an intermediate hole on the wave wheel regulating and controlling ring and the shaft holes of the pump body and the pump cover; two sides and bottom surface of the wave wheel ring hole of in the pump body are provided with an oil inlet chamber, an oil outlet chamber, an oil outlet duct and an oil outlet, and the oil outlet is communicated with the oil duct of an engine; the oil outlet duct of the pump body is provided with the safety valve hole, the safety valve hole is communicated with the oil outlet duct, the passageway of the safety valve hole is provided with an oil drainage hole, and the safety valve hole is internally provided with the safety valve component; and the combination surface of the pump cover and the pump body is provided with an oil inlet duct and an oil inlet, the oil inlet is communicated with an oil absorption device, and the oil inlet duct is communicated with the oil inlet chamber of the pump body.