The invention discloses a multifunctional portable data card and a data transmitting method. The data card comprises a master control module, a gear selecting module, a data transmitting module, an interface module and a storage module, wherein the master control module detects gear selecting signals generated by the gear selecting module, and sends out corresponding operating commands to the data transmitting module according to working modes corresponding to the signals; after receiving the operating commands, the data transmitting module carries out data transmission in a data transmission module or in a connection OTG (on-the-go) data processing module; and the interface module is a port by which the data card is interactive to peripheral equipment. By the scheme, the multifunctional portable data card can be connected with a plurality of intelligent mobile terminals, supports two data transmission modes, can be simultaneously connected with a universal serial bus (USB) and a card reader interface, has multiple functions, and is small, exquisite and portable; the burden of a travelling bag of a user is reduced; and the user experience is improved.