Combined ab initio and micromagnetic simulations are carried out to demonstrate the feasibility on the electrical manipulation of spin-wave propagation in ultrathin Fe films. It is discovered that the exchange interaction can be substantially weakened under the influence of electric field applied perpendicular to the magnetic film surface. Furthermore, we demonstrate that the electric field modified exchange constant could effectively control the propagation of spin waves. To be specific, an external applied electric field of 5 V/nm can effectively weaken exchange interaction by 80% and is sufficient to induce nearly twofold change of the wavenumber. This discovery may open a door to energy-efficient local manipulation of the spin wave propagation utilizing electric fields, which is crucial for both fundamental research and spin wave based logic applications.