The invention provides a production method of multifunctional outer-wall crack-resisting putty which is prepared from the following components in parts by weight. The production method comprises the following steps of: taking 13-17 parts of tap water, 0.18-0.22 part of cellulose, 9-11 parts of pure-acrylic elastic emulsion, 18-22 parts of silicon-acrylic elastic emulsion, 0.2-0.3 part of defoamer, 1-2 parts of preservative, 0.8-1.2 parts of thickener, 28-32 parts of white cement, 6-9 parts of heavy calcium carbonate and 15-19 parts of quartz powder, wherein the optimal preparation is 15 parts of tap water, 0.2 part of cellulose, 10 parts of pure-acrylic elastic emulsion, 20 parts of silicon-acrylic elastic emulsion, 0.3 part of defoamer, 1.5 parts of preservative, 1.0 part of thickener, 30 parts of white cement, 8 parts of heavy calcium carbonate and 17 parts of quartz powder; sequentially putting the tap water, the cellulose, the silicon-acrylic elastic emulsion, the pure-acrylic elastic emulsion, the defoamer, the preservative and the thickener into a reaction kettle, fully stirring for 13-17 minutes, adding the white cement, the heavy calcium carbonate and the quartz powder, stirring for 40-50 minutes until the mixture is mixed evenly, waiting for 10 minutes, and visually inspecting the required viscosity and using, wherein the particle size of the selected heavy calcium carbonate is 750-800 meshes, and the particle size of the quartz powder is 260-300 meshes.