Multifunctional molecular-based magnetic materials can not only show the slow relaxation behavior of single-molecule magnets, but also exhibit other colorful physical or chemical properties such as fluorescence, chirality, ferroelectricity, adsorption, catalysis, etc. Various fields such as photoelectric and spintronic devices have potential application prospects. The design and development of new multifunctional molecular-based magnetic materials as an important research direction in the field of single-molecule magnets has attracted wide attention of researchers. In this review, based on the synthesis strategy and the relationship between structure and performance, the research progress of multi-functional molecular-based magnetic materials in recent years is reviewed, and the future development of related fields is prospected.