The invention discloses a multifunctional magnetic power generation shoe, which comprises a shoe body, an installation bin, a power generation device, a control circuit, a rechargeable battery, a light emitting diode (LED) lamp, a signal generation device, a universal serial bus (USB) charging interface and a switch, wherein the power generation device, the control circuit and the rechargeable battery are arranged in the installation bin reserved in a sole so as to be convenient to dismantle and change; the power generation device is a magnetic power generation device for cutting magnetic induction lines and is small in occupied space and high in power generation efficiency; the control circuit is divided into a voltage boost circuit, a rectification circuit, a voltage stabilization circuit and a charging circuit; the rechargeable battery is a lithium ion rechargeable battery which is small in occupied space and high in charging and discharging frequency; the LED lamp is a condensation high-brightness LED; the USB charging interface is arranged on the outer side of an upper and provided with a waterproof rubber plug, so that an electronic product can be charged at any time anywhere; the switch is a pluggable switch so as to realize functions of preventing water and avoiding error touch; and the signal generation device is used in earthquake disaster areas so as to provide convenience for rescue. In a word, the multifunctional magnetic power generation shoe is convenient, practical, energy-saving and environment-friendly.