A multifunctional dynamic precision test system is characterized in that a servo motor is arranged, an output shaft of a speed reducer is connected with a rolling ball screw rod by a corrugated pipe coupling, a workbench capable of axially sliding along a straight line guide rail is fixedly connected with a nut of the rolling ball screw rod, and the workbench is supported by the straight line guide rail arranged at two sides of the rolling ball screw rod. each arranged measuring mechanism includes a built-in incremental encoder in the servo motor, circular grating encoder for measuring cornerof the speed reducer, and a rolling type grating line displacement sensor for measuring displacement of the workbench. A multi-path signal data acquisition card is arranged, and detection signal of each measuring mechanism is synchronously displayed on a PC machine by the multi-path signal data acquisition card. The invention is used for researching theories such as whole system dynamic error, precision loss, error decomposition and affiliation of the dynamic system, and provides means for researching dynamic precision characteristic of dynamic system and related analysis.