The invention is aimed at providing a multifunctional decorative coating which has the following specific components: quaternary latex 25-60 percent consisting of methacrylic acid, butyl acrylate, styrene and methyl metharcrylate, nanometer silver 0.1-5 percent, nanometer sodium meta-silicate 0.2-2 percent, nanometer ferric oxide 0.3-4 percent, nanometer silicon dioxide 0.3-3 percent, calcium carbonate 0.8-2 percent, deionized water 3-12 percent, superfine talc powder 1-4 percent, calcium carbonate superfine powder 3-16 percent, white titanium pigment 3-5 percent, as well as a plurality of auxiliary agents such as dispersant, wetting agent, rheologic agent, thickener, color paste and anti-foaming agent. Besides common decorative function, the coating also has the functions of energy conservation, indoor humidity regulation, antibiosis property and mildew resistance, air purification, acoustic insulation, electromagnetic wave screening, as well as far-infrared ray emission. The coating is mainly used for internal wall decoration for buildings, in particular for public places which have higher requirements on environment and on indoor air quality and humiture such as hospitals, office buildings, museums, meeting halls.