The invention discloses a method for realizing an artificial lung/artificial kidney. According to the method, a bundled hollow fiber module A and a bundled hollow fiber module B are mutually replacedand combined with a main exchange container, and are matched with a multi-parameter monitoring and control unit for use, and the artificial lung or the artificial kidney can be realized as required. The invention further discloses a device for an artificial lung/artificial kidney. The device comprises a bundled hollow fiber module A, a bundled hollow fiber module B, a main exchange container, a blood pump, a debubbler, a blood guide tube, a container, a pipeline, a check valve, a stop valve, a component integration box and a multi-parameter monitoring and control unit. The invention provides abrand-new technical means, and can realize the two functions of artificial lung/artificial kidney through one machine. The device has simple structure, convenient replacement, greatly reduces use cost, and has important application value in clinical treatment and scientific research.