The invention discloses heat and moisture functional elastic weft knitted fabric. The fabric consists of two parts including a surface layer and a bottom layer, one complete weave comprises three columns and six lines, functional elastic yarn knitted plain stitch structures in the first, third and fifth lines constitute the bottom layer, and non-elastic yarn knitted change doubling stitch structures in the second, fourth and sixth lines constitute the surface layer. The prepared knitted fabric has better elasticity and resilience and has functions of moisture adsorption, sweat releasing and cool touch; presetting is not required, so that production processes and the cost are reduced; the phenomenon of exposure of white ends of spandex during garment cutting is avoided; the fabric can be dyed into dark color without elastic yarn base color exposure.