The invention relates to a method for preparing a functional permeable material by using multi-source solid waste, which comprises the following specific steps: fully and uniformly stirring high-activity sludge, high-activity iron tailing powder, coal gangue powder, blast furnace slag, gypsum, ammonium bicarbonate and medical stone powder, then preparing into spheres with the particle size of 4.75-9.5 mm by using a pelletizer, and curing to obtain unfired aggregate; adding the unfired aggregate and part of water into a stirrer, uniformly stirring and mixing, then adding the cement, magnesium fluosilicate and sodium silicate, fully stirring, finally adding the water reducing agent, redispersible latex powder and residual water, uniformly mixing, taking out the obtained mixture, compacting, and curing to obtain the functional permeable material. The functional permeable material is prepared from the low-carbon unfired aggregate, the solid waste resource utilization rate is high, the preparation cost is low, the energy consumption in the preparation process is low, the preparation process is simple, and the functional permeable material has great application prospects in sponge city construction.