The present invention provides a FGF21 and IGF-1 fusion protein, wherein fusion is performed through an appropriate linker peptide fragment in an optimal fusion manner, and the produced fusion proteinsuccessfully retains the respective biological activities. According to the present invention, specifically the fusion protein sequentially contains human fibroblast growth factor-21 (hFGF21), a flexible peptide linker (L), a human immunoglobulin Fc fragment, a flexible peptide linker (L) and an insulin-like growth factor (IGF-1) from the N terminal to the C terminal; and the fusion protein provides high regulation effect in glycolipid metabolism and the like compared to the single use of the proteins, enhances the treatment effects on metabolic disorders, cardiovascular diseases, liver fat lesions and other diseases, and overcomes the side effects (such as osteoporosis, cancer risk and the like).