Conventional direct current electrocoagulation (DC-EC) has disadvantages such as easy passivation of electrodes, high energy consumption, and large sludge production, which limit its use in polyvinyl alcohol (PVA) wastewater. Therefore, alternating pulse current electrocoagulation (APC-EC) has been developed to overcome these problems. In this study, the influencing factors and energy consumption of PVA treatment by APC-EC and DC-EC were explored, and the best operating conditions of APC-EC were obtained via the response surface method (RSM). The best process conditions for APC-EC were determined to be the electrode type of Fe/Fe, current density of 1.0 mA cm−2, initial pH of 7, electrode distance of 2.0 cm, supporting electrolyte of 0.08 mol L−1 NaCl, initial PVA concentration of 150 mg L−1, duty cycle of 30%, and frequency of 500 Hz. In addition, the floc properties of APC-EC and DC-EC were compared to explore the basic mechanism for the removal of PVA. Adsorption and co-precipitation with hydroxide iron complexes are the main methods for removing PVA from wastewater in the APC-EC process. Compared with DC-EC, the application of APC-EC can reduce electrode passivation and production of sludge and operating costs, and improve electrode stability and PVA removal efficiency. This study provides a new strategy and method for the PVA removal from wastewater by APC-EC with low cost and high efficiency, showing broad prospect for the applications of the APC-EC in removing PVA.