The invention provides a multifunctional insulated holding pole allowing live replacement of a high-voltage drop-out fuse. The multifunctional insulated holding pole comprises an insulating rod and awire locker. The insulating rod comprises an upper rod and a lower rod. The upper rod and the lower rod are connected by a connecting member. The connecting member comprises a clamping member for fixing the insulating rod on a cross arm, an elastic member for realizing the elastic operation of the clamping member, and a limiting member for preventing the upper rod and the lower rod from being detached when the clamping member is loosened. The insulating rod further includes a foreign matter removing fire-spraying device used in the replacement of the wire locker. The foreign matter removing fire-spraying device includes a base, a control unit disposed in the base, an ignition mechanism and a spraying mechanism. The base is an aluminum alloy base. The base is provided with a mounting hole therein. The mounting hole is a threaded hole. The upper end of the upper rod or the lower end of the lower rod is provided with an external thread. The foreign matter removing fire-spraying device isfixed to the upper end of the upper rod or the lower end of the lower rod by the cooperation of the external thread and the threaded hole. The upper and lower rods are telescopically arranged to adjust the length of the insulating rod, thereby realizing the versatility of the insulated holding pole.