The invention relates to a vertical thermal storage type heat pipe electric heater which comprises an outer shell, a thermal storage body, a heat pipe and a cooling fan, wherein, the heat pipe is positioned in the outer shell and composed of a vertical pipe and a lower cavity body which are mutually communicated, an electric heating element is arranged in the lower cavity body, a central through hole and vent holes which are distributed along the circumference are arranged on the thermal storage body, the thermal storage body is sleeved on the vertical pipe through the middle vent hole, the cooling fan is positioned above the thermal storage body, an air outlet is arranged at the top part of the outer shell, a plurality of air inlets are arranged on the periphery of the side surface at the bottom part, and upper and lower ends of the vent holes of the thermal storage body are respectively communicated with an air collection chamber and a balancing chamber. The vertical thermal storage type heat pipe electric heater of the invention has simple structure and convenient use, can be switched on for generating heat during the low valley time of the power consumption and carry out the heat radiation during the peak time of the power consumption, and is used for heating indoor air, thereby regulating the periodicity of the power consumption of power networks, cutting the peak and balancing the valley, saving power resources and reducing heating costs.