The invention relates to an environmental friendly putty for removing formaldehyde, eliminating electromagnetic radiation and insulating and preserving heat, which comprises the following raw materials in parts by weight: 2-3 parts of nano-grade titanium dioxide, 2-3 parts of nano-grade silicon dioxide, 3-5 parts of polar mineral tourmaline powder, 1-2 parts of zinc oxide micropowder, 0.5-1.5 parts of inorganic antibacterial powder, 4-6 parts of conducting powder, 3-5 parts of thickening agent, 10-12 parts of adhesive, 0.8-1.5 parts of fiber, 0.3-0.5 part of dispersing agent, 0.2-0.5 part of defoaming agent, 1-3 parts of titanium pigment, 3-5 parts of talcum powder, 35.5-39 parts of heavy calcium carbonate, 0.2-0.5 part of adjusting agent, 0.5-1.5 parts of glycol, 4-5 parts of nano-grade porous silicon dioxide, 4-5 parts of hollow microsphere and 6-29 parts of water. The invention has the effects of formaldehyde elimination, odor removal, bacterium resistance, mould prevention, electromagnetic radiation resistance, heat insulation and preservation, negative ion release and air purification in addition to have all performance indexes of multifunctional environmental friendly putty.