The invention relates to a multifunctional phosphating solution and a preparation method and application thereof. The multifunctional phosphating solution comprises liquid A and liquid B and is characterized in that a ratio of the liquid A to the liquid B in the multifunctional phosphating solution is 1: 0.1-1. The liquid A comprises the following substances, by mass, 26 to 48 parts of diammonium phosphate, 0.9 to 12 parts of phosphoric acid with a concentration of 85%, 0.8 to 1.8 parts of metal powder, 0.6 to 1.4 parts of animal glue, 0.4 to 10 parts of calcined gypsum powder and 0.3 to 0.8 part of alum, with the balance being water. The liquid B comprises the following substances, by mass, 20 to 46 parts of zinc dihydrogen phosphate, 38 to 55 parts of zinc nitrate, 2 to 3.8 parts of sodium fluoride, 2 to 4 parts of zinc oxide and 2 to 6 parts of phosphoric acid with a concentration of 85%, with the balance being water. The multifunctional phosphating solution provided by the invention is composed of the liquid A and the liquid B, can realize removal of oil and rust at the same time and has the efficacy of rust protection, heat insulation, high temperature resistance, heat preservation, flame retardation, noise abatement, shock prevention, isolation, pollution cleaning and resistance to fire. The multifunctional phosphating solution has the following beneficial effects: a fast rust removal speed, great thickness of a formed film, long antirust time, etc.