The invention discloses an electric fireplace with multifunctional flames. The electric fireplace comprises a shell, a projection screen, a plastic screen, a plastic crystal, a first function light-emitting device, a flame board, a reflection component and a second function light-emitting device. A plurality of first lamp sets are arranged on a first circuit board, each first lamp set comprises at least two different chips, and the first function light-emitting device can emit color light combinations with a single color or two or more colors. Meanwhile, a plurality of second lamp sets are arranged on a second circuit board, each second lamp set comprises at least two different chips, and the second function light-emitting device can emit color light combinations with a single color or two or more colors. The electric fireplace can emit the single and colorful flames, the aim of multiple functions is achieved, the flame dynamic and color change effect is perfect, more vivid and more appreciative, the requirement of people for the sense of beauty is met, the electric fireplace is especially suitable for being used for home decorations, the life quality of people is improved, the market prospect is good, and obvious economic benefits are achieved.