The invention relates to a multifunctional water treatment agent used for treating refractory wastewater. The multifunctional water treatment agent is prepared through the following steps of: (1) modifying through bentonite, namely weighing bentonite, pouring the bentonite into an organic modifier solution with mass percent of 3-5%, stirring for 1-3 hours at room temperature, centrifuging, washing, drying and grinding the bentonite to powder so as to obtain modified bentonite; and (2) loading through potassium ferrate: pouring the modified bentonite prepared by step (1) into a potassium ferrate aqueous solution with the pH of 7-9 to be loaded, and air-drying the solution after saturating to obtain the multifunctional water treatment agent. The multifunctional water treatment agent provided by the invention integrates multiple functions, such as oxidation, adsorption, flocculation, sterilization, and the like, thereby greatly reducing the COD concentration and biotoxicity in the wastewater, improving the biodegradability of the wastewater, reducing the treatment cost and improving the emission standard-reaching rate of the refractory wastewater; and the multifunctional water treatment agent has the characteristics of being good in refractory wastewater treatment effect, free of toxic and harmful substance, low in treatment cost, environmentally-friendly, and the like, thereby being suitable for large scale industrial production.