The invention discloses a convenience telescopic colorful traffic warning flag, which comprises a fixing pole. An internal threaded pipe is in threaded connection with the top end of the fixing pole,a limiting plate is fixedly mounted at the top end of the internal threaded pipe, a threaded plug and a fastening gasket are fixedly mounted on the top surface of the limiting plate, the threaded plugpenetrates the middle of the fastening gasket, a connecting rod is fixedly mounted at the top end of the threaded plug, the surface of the threaded plug is in threaded connection with a threaded pipe, and a lever is fixedly mounted on one side of the outer surface of the threaded pipe. The convenience telescopic colorful traffic warning flag has advantages that a flag sleeve internally sleeves the connecting rod, then the lever is pulled to enable the threaded pipe to be rotationally fixed on the surface of the threaded plug, and thus, a warning flag body is fixed; by turning of the fixing pole and the internal threaded pipe, the fixing pole is detached, so that flexibility in mounting and demounting of the flag is achieved, stretching in mounting and contraction in demounting are realized, and carrying and transporting are facilitated.