A smelting ladle and a method for improving use efficiency thereof. The smelting ladle includes a housing, a working layer, and a permanent layer. The method includes: 1) rebuilding the working layer to have an outer layer and an inner layer, the inner layer being a consumable working layer which contacts with molten steel and steel slag, and the outer layer being a circulating working layer which contacts with the permanent layer or directly contacts with the housing; 2) allowing the smelting ladle to work, when the thickness of the consumable working layer is reduced to be between 0 and 20 mm, removing a residue of the consumable working layer and masoning a new consumable working layer for the smelting ladle; and 3) repeating 2) until the circulating working layer reaches a designed service life thereof, and casting a new circulating working layer for the smelting ladle.