A dynamic waterproof and breathable shoe sole, shoe, and manufacturing method are disclosed. The shoe sole includes a sole body having a flow-guiding channel system including a flow-guiding channel, a dynamic sealing column, a recessed groove structure, and an end cap structure. The end cap structure is made of supercritical-foamed thermoplastic elastomer. A sealing head at a bottom of the dynamic sealing column is coated with a thermoplastic elastomer layer and engages an annular sealing member at a bottom of the flow-guiding channel. The invention enables millisecond-level intelligent switching between waterproofing and ventilation during walking and provides a dynamic pumping moisture-discharge effect.