The invention discloses a multi-effect soil conditioner for improving land capability decline of olive timbered soil by using olive wastes. The multi-effect soil conditioner is prepared from the following raw materials in parts by weight: olive pomace, olive leaves, olive branch pyroligneous, phenolic resin, polymethyl methacrylate, oyster shell powder, polyvinyl alcohol, a biological nutrient, polyacrylamide, bacillus marinus, bacillus thuringiensis, phanerochaete chrysosporium, rape seed cakes, modified charcoal, polyvinyl acetate, maize straws, propionyl brassinolide and ammonium sulfate. The biological nutrient is prepared from yeast extract, cane sugar, peptone, potassium acetate and sodium phosphate in a ratio of 4: 3: 2: 1: 1. Wastes such as the olive pomace and olive leaves are fully used, soil is improved by a double regulating mode biologically and chemically by using a mixed material of biological, organic, inorganic and high molecular materials, the land capability declineof olive timbered soil is improved, the productivity of the olive timbered soil is improved, and the output of olive is improved.