The invention discloses light and thin multi-functional fabric with warm keeping, moisture absorbing and perspiring functions. The light and thin multi-functional fabric with warm keeping, moisture absorbing and perspiring functions has a double-layer structure, the inner layer is composed of hollow far infrared warm keeping fiber, hydrophilic moisture absorbing and perspiring fiber and cotton or viscose in a blending mode, and the inner layer has warm keeping, moisture guiding and perspiring functions; the surface layer is composed of elastic fiber and cotton or viscose in a blending mode, and the surface layer has durable elasticity and moisture absorbing and quick drying functions; a regular air heat insulation cavity is formed between the surface layer and inner layer after being connected, and the heat storage and warm keeping performances are reinforced. The fabric is light and thin and has warm keeping, moisture guiding and quick drying effects, durable size stability and good hand feel; the light and thin multi-functional fabric with warm keeping, moisture absorbing and perspiring functions is especially suitable for underwear, warm clothing and the like.