The invention relates to a dyeing and finishing process for a polyester four-side elastic fabric with holes. The dyeing and finishing process specifically comprises the following steps: unwinding, pre-shrinking, cold stacking, desizing, grey cloth setting, in-cylinder desizing, in-cylinder dyeing, dewatering and scutching, shaping, reeling and packaging, and the pre-shrinking step comprises the following steps: using warm water for pre-wetting and then drying by drying cylinders, wherein the vehicle speed is 65-70 m/min, the pressure of a roller is 1.5-2.0 kg/cm<2>. According to the invention,the fabric is subjected to the pre-shrinking, so that the shrinking amplitude of the fabric is uniform, and the wrinkling abnormity caused by high-temperature sudden contraction is avoided; the fabric can be sufficiently shrunk at a certain temperature by the cold stacking, so that fibers are more tightly, bulk and plump, by the grey cloth setting, the grey cloth of the fabric is uniformly pre-shrunk at a high temperature, and shaped, meanwhile, the molecular structures of the fibers are rearranged so as to facilitate dyeing; the attractiveness of clothes in the wearing process can be kept bythe polyester four-side elastic fabric with the holes prepared by the process, the surface of the fabric is smooth, the holes are soft and natural, and the comfort is excellent.