The invention belongs to the technical field of preparation of multifunctional materials and relates to a preparation method of multifunctional graphene regenerated cellulose fibers. The technological process comprises three steps of mixing, spinning and reducing, specifically, a multi-layer graphene dispersing solution and a regenerated cellulose fiber solution are mixed, a mixed solution is subjected to molding with a viscous wet spinning technology and subjected to reduction, and the multifunctional graphene regenerated cellulose fibers are obtained; the multifunctional graphene regenerated cellulose fibers utilize regenerated cellulose fibers as carriers, have good moisture absorption, breathability, soft hand feeling and dyeing property and further have the characteristics such as superhigh strength, antistatic property, far infrared performance, antibacterial property, instant deodorization performance and anionic property of graphene, electrical conductivity and thermal property of the fibers are improved when compared with those of conventional regenerated cellulose fibers, and the antibacterial property, the far infrared performance and the anionic function of the fibers are increased; the production technology of the fibers is simple, easy to operate, low in batch production cost, high in preparation efficiency and yield, environment-friendly and energy-saving and can be applied to the fields of textiles, clothing, woven goods and the like.