The invention discloses a multi-functional full-cap paper strip nail alloy material. The alloy material comprises the following chemical components including, by weight, 60-80 parts of iron, 1-2 partsof carbon, 1-3 parts of manganese, 2-3 parts of tungsten and 0.5-1 part of chromium. Meanwhile, the invention also discloses a production process of a multi-functional full-cap paper strip nail. Theproduction process specifically comprises the following operation steps of: (S1) weighing and mixing; (S2) preheating and smelting; (S3) molding; (S4) cutting off; (S5) performing thermal treatment; (S6) cleaning; and (S7) packaging. According to the production process disclosed by the invention, the iron is taken as a basal material and is matched with the elements including carbon, manganese, tungsten and chromium for modification so as to obtain a high-strength alloy material, thus the overall strength of the paper strip nail can be beneficially improved; the process is simple; when the alloy material is used for producing the paper strip nail, carbonitriding is performed in a thermal treatment process to further improve the hardness of the paper strip nail, so the paper strip nail canbeneficially impale an object to realize fixation; when the paper strip nail is packaged, the packaging speed can be increased by adopting UV glue, so the time for waiting solidification of an adhesive is prevented, and the packaging efficiency is improved.