The invention discloses a multifunctional steam eyeshade with thermal circulation, which comprises a glasses frame, an adjusting belt, a stretching assembly, a heating assembly and a steam assembly, the glasses frame comprises two annular sleeves and a nose pad, the two annular sleeves are respectively positioned on two sides of the nose pad, the annular sleeves are fixedly connected with the nose pad, one side, far away from the nose pad, of each annular sleeve is fixedly connected with the adjusting belt, and the stretching assembly is connected with the heating assembly. The stretching assembly is installed in the inner wall of the annular sleeve, the heating assembly and the steam assembly are installed in the inner ring of the annular sleeve and fixedly connected with the side wall of the inner ring of the annular sleeve, and the top of the heating assembly is fixedly connected with the bottom of the steam assembly. According to the steam eyeshade, heat generated by combustion of the moxa sticks serves as a heat source of steam, beneficial substances in the moxa sticks are mixed with the steam to conduct hot compress on the eyes of a user, cyclic utilization of the heat is achieved, and the using effect of the steam eyeshade is enhanced.