The invention discloses an insole with a deodorization function and capable of preventing flat feet. The insole comprises an insole upper layer, an insole bottom layer is fixedly mounted on the outersurface of the lower end of the insole upper layer, a medicine bag groove is formed between the insole bottom layer and the insole upper layer, a label and a sponge layer are arranged on the outer surface of the upper end of the insole upper layer, threads are arranged on one side of the sponge layer, vent holes are formed in one side of the threads, an odor-resistant medicine bag is arranged in the medicine bag groove, a bandage is fixedly connected to the outer surface of one side of the insole bottom layer, bumps are arranged on the outer surface of the upper end of the sponge layer, and afirst air bag and a second air bag are fixedly mounted on the outer surface of the lower end of the insole bottom layer. The insole with the deodorization function and capable of preventing flat feetin the invention is provided with the medicine bag groove, the bandage and steel wire rings, so that the odor-resistant medicine bag can be replaced in time, the insole is taken out conveniently, theinsole can also be prevented from being deformed, and a better use prospect is brought.