The invention discloses a cool and multi-functional elastic fabric. Two different cool-feeling fiber solutions are prepared by adding cool-feeling substances, and then the cool-feeling composite fiber filaments are prepared through spinning, coagulation, and drafting; The obtained cool-feeling composite fiber yarn is twisted and spun to obtain a cool multi-functional elastic fabric. The instant cooling performance test of the fabric prepared by the present invention shows that the fabric makes the human body feel cool and comfortable, without irritation and discomfort, and the cooling effect is still obvious after 50 times of washing; in the mechanical performance test, the fabric prepared by the present invention The dry and wet elongation of the fabric under optimal conditions showed good test results. In addition to the above-mentioned cool feeling and excellent elasticity, the fabric prepared by the present invention also has the effects of refreshing, anti-inflammatory, deworming, moisture absorption and perspiration. It is a new type of fabric with high industrial value and development prospects.