The invention discloses a self-lifting type multifunctional ocean platform and a work method thereof and belongs to the technical field of marine transportation and ocean engineering technology. The multiple functions of the platform are combined to realize well drilling, well repairing, household self-holding and small-scale drilling. The self-lifting type multifunctional ocean platform mainly comprises a platform upper-layer deck, a machinery deck, cylindrical pile legs, a crane, pile shoes, a helicopter deck, a fore body lateral pushing part, a derrick, a tail thruster, pile shoe containing zones, a pile driver slideway, an LNG tank body, a pile driver, a main machine and the like. The self-lifting type multifunctional ocean platform meets the existing ocean engineering development requirement, achieves various operations such as ocean platform well drilling, well repairing, household self-holding and small-scale drilling, has the all-weather operation capability and long self-holding capability and adopts a cantilever drilling mode and advanced pile leg lifting equipment, drilling equipment and generating equipment. The self-lifting type multifunctional ocean platform is higher in integration capacity, has the well drilling, well repairing and small-scale drilling capacities, has a broad deck space, is provided with a natural gas collecting and compression treatment device and a corresponding power system, and is economical, efficient and high in engineering applicability.