The invention relates to a multifunctional emergency life jacket which comprises a main body waistcoat, a waistband, floating components and a light reflecting object, wherein the part nearby the front mouth part of the main body waistcoat and the rear side of the main body waistcoat are provided with two pockets, the two pockets are respectively used for accommodating an oxygen bottle and a mouthpiece, and the main body waistcoat is provided with multiple pipeline fixing loops used for limiting a gas pipeline which connects an oxygen cylinder with the mouthpiece; two groups of floating components symmetrically sleeve two sides of a waistband, the waistband is limited in a waistband fixing loop of the main body waistcoat, and the two groups of floating components are respectively connected with a traction belt on the main body waistcoat; the light reflecting object is positioned on a chest location of the main body waistcoat, all the pockets on the main body waistcoat and the pipeline fixing loops are closed by virtue of nylon fastener tapes. The multifunctional emergency life jacket is diversified in function, reasonable in arrangement and safe in use.