The invention relates to a multifunctional eraser composition. The composition is prepared through using 25-35 parts by weight of a polyvinyl chloride resin slurry, 15-25 parts by weight of dioctyl phthalate, 4-8 parts by weight of calcium carbonate, 0.1-0.4 parts by weight of a stabilizing agent, 15-25 parts by weight of calcium stearate, 10-15 parts by weight of sodium silicate, 0.2-0.8 parts by weight of dichlorobenzene, 0.1-0.4 parts by weight of a nonionic surfactant, 15-25 parts by weight of N-methylformamide and 10-15 parts by weight of a foaming agent. The making method of the composition comprises the following steps: mixing the above components, uniformly stirring, pressurizing at 120DEG C, heating to 165DEG C, dumping the obtained mixture into a mold, and carrying out pressure forming to obtain the composition. The multifunctional eraser composition is convenient to use, and can eliminate a plurality of stains comprising pen and Chinese writing brush writings and pencil and ball pen writings.