The invention relates to a rotary electroslag furnace capable of saving space. The rotary electroslag furnace capable of saving the space comprises an electrode holding device and a mold, the electrode holding device is mounted on the ground of a workshop, the mold is mounted in a pit below the ground of the workshop, wherein the electrode holding device comprises a fixing support, a bottom plateis mounted at the position, below the fixing support, of the ground of the workshop, a rotatable rectangular supporting column is mounted between the bottom plate and the fixing support through bearings, one side of the rectangular supporting column is provided with a screw, the rectangular supporting column is provided with a cantilever which can move up and down, the cantilever is internally provided with a plurality of guide wheels which can roll along the rectangular supporting column, the cantilever is internally provided with a threaded through hole matched with the screw, one end of thecantilever is provided with an electrode clamping mechanism, a supporting plate extending outwards is mounted at the bottom end of the rectangular supporting column, an oil cylinder is hinged to theposition, on the same side as the supporting plate, of the ground of the workshop, and a piston rod of the oil cylinder is hinged to the supporting plate. According to the rotary electroslag furnace capable of saving the space, the height space of the workshop is saved, the use is more flexible, and the rotary electroslag furnace capable of saving the space is suitable for improvement on a traditional electroslag furnace.