The invention discloses a novel multifunctional acetylcholin esterase inhibitor, 2-(5-((4-methylpiperidin-1-yl)methyl)-1,3,4-oxadiazol-2-mercapto)-1-p-methylacetophenone and application thereof in preparing a drug for preventing and/or treating a disease related to AChE, preparing a drug for preventing and/or treating a disease related to A beta aggregation and preparing a drug for preventing and/or treating a disease caused by A beta induced nerve injury. The compound provided by the invention can inhibit the AChE, can effectively inhibit A beta aggregation, has obvious neuroprotection to theA beta induced nerve injury and can be used for preparing a drug for preventing and/or treating relevant neurodegenerative diseases such as AD.