The utility model belongs to the technical field of environment-friendly power generation machines and particularly relates to a novel multifunctional power generation device which comprises a water channel, power generators and a height adjustable frame. The frame is arranged on the water channel, wheels are arranged on the frame, and rotary shafts penetrate through the centers of the wheels to be connected with large chain wheels together. Radial spokes are evenly distributed on the periphery of each wheel with the center of a circle of the corresponding wheel serving as the point of origin and penetrate through the periphery of the corresponding wheel to be connected with impeller blades, or impeller blade bayonets are evenly formed in the periphery of each wheel, and the impeller blades are clamped onto the impeller blade bayonets. The impeller blades are perpendicular to the wheels, the large chain wheels are connected with the power generators provided with small chain wheels and arranged beside the frame through chains. By means of the novel multifunctional power generation device, environment-friendly power generation can be performed by making use of natural resources to the maximum extent, and wind energy can be made use of in time to generate power especially under the conditions of limited water resources.