The invention relates to a novel barrel type light buoy. A permanent magnet is fixed onto a floating plate; a floating barrel of which the inner surface is wound by a coil sleeves the permanent magnet; two springs are used for connecting the floating barrel with the permanent magnet; a storage battery cabin is arranged on the floating barrel; the coil is connected with a storage battery inside the storage battery cabin by a wire; a support is arranged above the storage battery cabin; a buoy bulb is mounted on the support; a lampshade is arranged outside the buoy bulb; anchors are connected under the floating plate; the lower end of the floating barrel is connected with wave-shaped blades; and the storage battery inside the storage battery cabin is used for providing power for the buoy bulb. According to the novel barrel type light buoy, wave energy of current is converted into electric energy, so that the buoy bulb is directly enabled to light, and the electric energy can be also stored into the storage battery.