The embodiment of the invention discloses a magnetostrictive liquid level meter, comprising a probe rod, a water level floater, an oil level floater, a density floater containing a density floater magnetic ring, a probe rod electronic cabin, and a control panel capable of obtaining and displaying a liquid density according to a measured value and input parameters. According to the magnetostrictive liquid level meter disclosed by the embodiment of the invention, the height of the liquid can be measured currently and the density of the liquid can be detected, so that a test process is more concise. Furthermore, the magnetostrictive liquid level meter can be used for alarming when the density of the liquid is out of an allowance range, so that the reliability and the security of the system are improved.