The invention relates to the field of heating equipment, in particular to a converter for oil heating into water heating. The converter comprises a shell of a box structure, an electromagnetic heatingdevice, a heat energy conversion device and a waste heat power generation device, and further comprises a heat conduction oil external circulation pipeline, a domestic water pipeline, a heating watercirculation pipeline and a heat conduction oil internal circulation pipeline. The converter electromagnetically heats heat conduction oil. Firstly, high-temperature heat conduction oil in the heat energy conversion device and water in a heating system conduct heat exchange to meet the requirements for heating; secondly, the high-temperature heat conduction oil provides heat energy for a kitchen range to meet the requirements for cooling meal and heating water; thirdly, the high-temperature heat conduction oil goes into the waste heat power generation device to conduct heat exchange with domestic water to meet the requirement for hot water for daily use; fourthly, a power generation module of the waste heat power generation device generates electricity through heat energy of the high-temperature heat conduction oil and creates benefits for users. Thus, the converter has multiple purposes, achieves the purposes of energy conservation and environmental protection and is convenient to manufacture and install and wide in application range.