The invention discloses a multifunctional magnetic grinding machine. The multifunctional magnetic grinding machine comprises a grinding cylinder, a magnetic ferrule, a main through pipe, a collection tank and a cleaning fluid tank. A coil is arranged in a hollow portion of a magnetic ferrule body and is connected with a high-frequency power source. The grinding cylinder is arranged in a ring of the magnetic ferrule. A first cylinder bottom is arranged at the bottom of the grinding cylinder, and a second cylinder bottom is arranged at the bottom of the first cylinder bottom. A plurality of supports are arranged at the bottom of the grinding cylinder. The collection tank is arranged below the grinding cylinder. The main through pipe extends into the grinding cylinder and comprises a plurality of branch pipes in the grinding cylinder. An air inlet pipe and a liquid inlet pipe are connected to the top of the main through pipe. An air inlet control valve is arranged on the air inlet pipe. A fan is connected to the end of the air inlet pipe. A heating block is arranged in the fan. A liquid inlet control valve is arranged on the liquid inlet pipe. A water pump is connected to the end of the liquid inlet pipe and is arranged at the bottom of the cleaning fluid tank. The multifunctional magnetic grinding machine has the advantages that the main through pipe extends into the grinding cylinder, a grinding needle is enabled to grind workpieces under the joint action of air flow and a magnetic field, and accordingly, grinding effect is good.