A dual-mode electric drive axle with torque parallel coupling and torque vectoring, including: a main motor, an auxiliary motor, a spur gear differential, a first half shaft, a second half shaft, a primary reducer, a secondary reducer, a dual-planetary gear set mechanism, a first clutch, a second clutch and a primary housing. The main motor and the auxiliary motor are respectively connected to input ends of the primary reducer and the secondary reducer. Output ends of the primary reducer and the secondary reducer are respectively connected to a housing of the spur gear differential and a gear ring of the dual-planetary gear set mechanism. A planet carrier of the dual-planetary gear set mechanism is connected to a sun gear through a first clutch, and a gear ring through a second clutch. A characteristic parameter of the dual-planetary gear set mechanism is 2.