The invention discloses a portable water and wind dual-purpose power generation apparatus. The portable water and wind dual-purpose power generation apparatus comprises a machine body, a base, a hub,a plurality of folding blades, a power generator and a storage battery. The base is in the shape of a barrel with an opening in the upper end. The machine body is connected to the upper end of the base and seals the opening of the base. The power generator and the storage battery are installed in the machine body. The power generator is electrically connected with the storage battery so as to transmits obtained electric energy to the storage battery for storage. The power generator is provided with a rotor shaft in an upward extension manner. The hub is arranged above the machine body. The hubis provided with a transmission shaft in a downward extension manner. The transmission shaft is fixedly connected with the rotor shaft to transmit torque. The folding blades are connected with the hub and are arranged around the axis of the hub at intervals. Each folding blade comprises a fixed blade body connected with the hub, and a movable blade body. The folding blades can switch between twostates including the first state corresponding to wind power generation, and the second state corresponding to hydroelectric generation. The portable water and wind dual-purpose power generation apparatus can adapt to wind power generation and hydroelectric generation through form changes of the blades, is small in size and light in weight, and is convenient to carry because the blades can be folded.