The invention relates to a multifunctional water heater. The multifunctional water heater comprises a water heater body and a heat exchanger, a cold water inlet pipe is connected with a water source and a cold water supply end, a hot water outlet pipe is connected with a hot water supply end, a fan and a heating body are arranged on the water heater body, the fan and the heating body are arrangedmutually independently or are arranged in a mutually integrated mode, air generated in the working process of the fan is heated into warm air through the heating body and then is blown out, the waterheater body is provided with a circulating water channel, wherein the circulating water channel comprises the cold water inlet pipe, the hot water outlet pipe, a cold water outlet pipe, a water mixingpipe and a hot water inlet pipe, the water mixing pipe intersects and communicates with the cold water outlet pipe and the hot water inlet pipe correspondingly, the cold water inlet pipe communicateswith the cold water outlet pipe or the water mixing pipe through a circulating water pump, the water mixing pipe, the hot water inlet pipe and the hot water outlet pipe intersect and communicate withone another, and water mixing valves are arranged at the junctions. The multifunctional water heater has the characteristics of being simple in design, reasonable in structure, multifunctional, highin practicability, reliable in performance, good in user use experience and the like.