The invention discloses a multifunctional vertical milling cutter which comprises a drill shank, positioning holes, a fixing hole, a fixing bolt, a cutter handle, a cutter head, a round hole, cutting edges and a drill bit, wherein the bottom of the drill shank is fixedly connected with the drill bit; the positioning holes are formed in the drill shank, the cutter handle is fixedly connected with the cutter head, the fixing hole is formed in the cutter handle, the cutting edges are arranged on the cutter head, the drill shank transversely penetrates through centers of the cutter handle and the cutter head through the round hole, and the cutter handle and the drill shank are fixedly connected through the fixing bolt. The multifunctional vertical milling cutter is simple in structure, low in cost and powerful in function; through matching use of the cutter head and the drill bit, the milling cutter replacement time is greatly shortened, all that is required is to adjust the position of the fixing hole in the cutter handle in the positioning holes in the drill shank, and the milling cutter and the drill bit can be rapidly switched.