The invention relates to a double-faced multifunctional device and a display method thereof. The double-faced multifunctional device comprises a dichroic dye composite layer, a first liquid crystal display (LCD) composite layer, a broadband reflecting composite layer and an organic light emitting diode (OLED) composite layer which are sequentially overlapped, wherein the dichroic dye composite layer can be switched between a black state and a transparent state; the LCD composite layer can be switched among a display state, a transparent state and a dark state; the broadband reflecting composite layer can be switched between a transparent state and a mirror state; the OLED composite layer can be switched between an illuminating state and a transparent state. The d double-faced multifunctional device can independently provide different functions such as a display function, a mirror function, a lighting function and a transparent function on both surfaces to meet various requirements.