The invention relates to a gripping tool with lighting and magnetic attracting effects. An extension tube with flexibility is connected with the front end of a first tube fitting; a second tube fitting provided with a magnetic ring is connected with the front end of the extension tube; a lamp is arranged inside the second tube fitting; the rear end of the first tube fitting is sheathed with an elastic element and a compression bar; the front end of the compression bar is connected with a wire body which penetrates through the first tube fitting and the extension tube and then reaches the second tube fitting; the front end of the wire body inside the second tube fitting is connected with a claw which can extend outwards in a flexible manner; a bearer is arranged at the rear end of the compression bar, and a battery pack can be arranged on the bearer; a first electrode of the battery pack is connected with a first pin of the lamp through a conductive wire; a socket pipe is then connected with the rear end of the bearer in a screwing manner; a control element which can be compressed and released in a flexible manner and provided with a conducting rod is arranged inside the socket pipe so as to achieve the conduction between a second electrode of the battery pack and a second pin of the lamp; in addition, a user can not only utilize the claw to grip objects but also select the magnetic ring on the second tube fitting to pick up the objects when the control element is pressed so as to turn on the lamp, so that the gripping tool is easy to control, and the use convenience can be improved.