The invention relates to a method for producing multifunctional waterborne polyurethane superfine fiber decorative leather. According to the method, superfine fiber non-woven cloth is used as a base material, and the method comprises the following steps of: firstly, preparing mixed slurry containing the components of waterborne polyurethane, wood powder loaded with nano silver oxide and the like into superfine foam slurry by adopting a physical and mechanical stirring method; secondly, forming a functional coating on release paper by adopting a knife coating method, closely integrating the release paper with the base material, and drying, cooling and stripping to obtain superfine fiber non-woven cloth provided with the functional coating; and finally, performing various beautification processes on the superfine fiber non-woven cloth to obtain the multifunctional waterborne polyurethane superfine fiber decorative leather which has a variety of functions of decorating, purifying air, removing formaldehyde, deodorizing, sterilizing, adjusting moisture and the like and has a through microcellular structure. The multifunctional waterborne polyurethane superfine fiber decorative leather can be widely used in a variety of fields such as house wall decoration, hotel decoration, furniture soft package, automobile interior trim, jewelry package and the like.