The invention discloses a multifunctional scale and corrosion inhibitor which integrates four effects, namely, scale inhibition, scale removal, corrosion inhibition and perfillmimg, and a preparation method thereof. The scale and corrosion inhibitor is of a nitrogen-free, non-phosphorus and molybdenum formula, and is prepared by compounding a non-phosphorus scale and corrosion inhibition component, methylbenzotriazole, hydrolytic polymaleic anhydride, sodium molybdate and sodium gluconate. According to the multifunctional scale and corrosion inhibitor, usage of phosphorus and nitrite is avoided, usage of molybdate is reduced, the multifunctional scale and corrosion inhibitor has the characteristics of being efficient, practical, non-toxic, environment-friendly, and low in cost, is applicable for scale and corrosion inhibition of water with high salinity and high degree of mineralization, can be widely applied to water treatment fields such as cold and hot circulating water, softened water and reverse osmosis, and the oilfield exploitation field.