The invention discloses a multi-functional polyethylene tube and a manufacturing method thereof, belonging to a polymer composite material. The multi-functional polyethylene tube is prepared by blending and modifying the following raw materials in parts by mass: 30-50 parts of high-density polyethylene (HDPE), 70-90 parts of ultrahigh molecular weight polyethylene (UHMWPE), 10-15 parts of polyoctene rubber (TOR), 1.5-2.0 parts of nano rare earth beta-nucleating agent, 1.0-1.5 parts of dicumyl peroxide (DCP), 3-5 parts of silicone polymer flame retardant and 3-5 parts of color masterbatch. The invention has the advantage that the problems of low-temperature brittleness, abrasive resistance, corrosion resistance, ageing resistance, heat resistance, processability, flame retardancy, and the like of the polyethylene tube are solved. The invention can be widely applied to the fields of water supply and drainage, sewage discharge, oil gas, coal power, mining industry, gas supply, heating, chemical industry, power communication, ocean, dredging, and the like.