The invention discloses a preparation method of a multifunctional cellulose elastic aerogel, belonging to the field of aerogel materials. The preparation method comprises the following steps: dispersing cellulose in water, carrying out pretreatment by adding sodium chlorite or / and in a solvothermal way, and cleaning with deionized water to obtain a purified cellulose dispersion solution; adding a modifier to perform chemical modification, thereby obtaining a modified cellulose suspension; dispersing the modified cellulose suspension in an organic solvent, forming, drying to form a modified cellulose gel, and finally, carrying out heat treatment on the modified cellulose gel to obtain the multifunctional cellulose elastic aerogel. The cellulose is subjected to pretreatment and chemical modification, thereby lowering the density of the aerogel, greatly enhancing the elasticity and mechanical strength of the aerogel, endowing the aerogel with excellent magnetism, electric conductivity, superhydrophobicity, superoleophobicity and many other functions, and widening the application range of the traditional cellulose aerogel.