The invention discloses a three-way catalytic exhaust pipe with guide plates. According to the scheme, the three-way catalytic exhaust pipe comprises an exhaust pipe body, one end of the exhaust pipe body is provided with a gas inlet, and the other end of the exhaust pipe body is provided with an exhaust hole, and the portion, close to the gas inlet, in the exhaust pipe body is provided with a filtering layer; and the guide plates are arranged between the filtering layer and the exhaust hole in the exhaust pipe body, the area of the guide plates is larger than a half of the area of the cross section of the exhaust pipe body, the guide plates are arranged in a staggered manner in the radial direction in the exhaust pipe body, and horizontal three-way catalytic layers are arranged among the guide plates. The three-way catalytic exhaust pipe with the guide plates aims at solving the problems that in the prior art, a filtering plate is arranged on the inner wall of a pipeline, so that all exhaust cannot flow through the filtering plate, and the filtering effect is limited.