The invention discloses a temporary column structure with the function of a dewatering well and a construction method of the temporary column structure. The temporary column structure comprises four angle steel, a plurality of batten plates, a plurality of short reinforcing steel bars, an iron wire mesh and at least one layer of waterproof fabric; the four angle steel is arranged vertically and located on four corners of a square; the plurality of batten plates are arrayed up and down on a plurality of layers; the number of batten plates on each layer is four, and each batten plate on the same layer is welded together with two adjacent angle steel; two ends of each short reinforcing steel bar are welded together with the adjacent angle steel respectively; the angel steel, the batten plates and the short reinforcing steel bars form the square steel framework of the temporary column structure; the iron wire mesh wraps the periphery of the square steel framework; and the nylon fabric wraps the periphery of the iron wire mesh. The temporary column structure has the functions of both the dewatering well and the temporary column, so that the construction process and the engineering investment are reduced, and the construction period is shortened. The invention also discloses a construction method of the temporary column structure.