The invention discloses a multifunctional polysiloxane thermoplastic elastomer as well as a preparation method and application thereof. The elastomer is prepared by the following method: taking 1,3-bis(3-aminopropyl)-1,1,3,3-tetramethyldisiloxane and octamethylcyclotetrasiloxane as raw materials, and carrying out a reaction under the action of a catalyst tetramethylammonium hydroxide pentahydrate,so as to obtain double amino-terminated polysiloxane; with double amino-terminated polysiloxane, 3,3',4,4'-biphenyl tetracarboxylic dianhydride and 1,3-bis(3-aminopropyl)-1,1,3,3-tetramethyldisiloxane as raw materials, and carrying out a reaction to obtain a polysiloxane-polyamic acid segmented copolymer; and finally, under the action of high temperature, obtaining the polysiloxane-polyimide block polymer with high mechanical properties, a shape memory function and a self-healing function.