The invention provides a novel microsatellite multifunctional data testing system. A satellite data testing device comprises an ASIC chip, an Ethernet communication module, a USB communication module, a power module, an RS422 / RS485 serial port communication module, a wireless communication module, a 1-WIRE communication module, a CAN bus communication module and an RS232 communication module, wherein the Ethernet communication module, the USB communication module, the power module, the RS422 / RS485 serial port communication module, the wireless communication module, the 1-WIRE communication module, the CAN bus communication module and the RS232 communication module are connected with the ASIC chip. A satellite testing data display system conducts data interaction with the satellite data testing device through an RS232 serial port and an Ethernet port or a USB port capable of being arranged, and data analysis, display and drawing are conducted through the satellite testing data display system. Various collected satellite data can be encoded and decoded through hardware of the data testing device and converted into data in formats capable of being identified by the satellite testing data display system, and therefore the satellite testing data display system can be used for conducting comprehensive system testing on tested satellites.