The invention relates to a synergistic bifunctional protein for regulating blood sugar and lipid. The synergistic bifunctional protein comprises a human GLP-1 analog and human FGF21. In one aspect, the invention provides a method for preparing the synergistic bifunctional protein, and on the other hand, the invention also provides an application of the synergistic bifunctional protein for treatment of type 2 diabetes, obesity, dyslipidemia, fatty liver disease and/or metabolism syndrome drugs. The synergistic bifunctional protein provided by the invention can synergistically regulate blood sugar and lipid levels in vivo, and meet the multiple needs of hypoglycemia, alleviation of liver fatty degeneration, weight reduction and improvement of circulating lipid metabolism disorder in type 2 diabetic patients.