The invention discloses a regulation and storage pond with a processing function. The regulation and storage pond comprises a regulation and storage zone, a reaction zone, a diversion zone and a settling zone, wherein the regulation and storage zone is provided with a water inlet box culvert, the reaction zone is provided with a stirrer, the settling zone is provided with a water outlet and a mud discharge pipe, the reaction zone, the diversion zone and the settling zone are all arranged on the upper end face of the regulation and storage zone; a lift pump used for transporting the waste water from the regulation and storage zone to the reaction zone is arranged between the reaction zone and the regulation and storage zone, and the diversion zone used for guiding the mixed solution in the reaction zone into the settling zone is arranged between the reaction zone and the settling zone. According to the invention, after entering into the regulation and storage zone, the waste water enters into the upper-layer reaction zone through the lift pump, and carries out reaction in the reaction zone, then the waste water overflows and is guided into the settling zone through the diversion zone to be settled and filtered out of water, thus the waste water can be effectively processed in time; the regulation and storage pond disclosed by the invention has the advantages of simple and compact structure, small occupation area, low energy consumption, is easy to manage and operate, and the regulation and storage pond can effectively improve the water quality of processed water.