The invention discloses a multifunctional lifting tool and a method for lifting a heavy object. The multifunctional lifting tool comprises longitudinal beams for hanging the heavy object, a crossbeamfor connecting the multiple longitudinal beams, a sliding adjusting mechanism mounted on the crossbeam and hung on a hoisting device, a transverse adjusting mechanism for adjusting the crossbeam in the radial direction of the longitudinal beams, and a longitudinal adjusting mechanism for adjusting the crossbeam in the axial direction of the longitudinal beams. Through the transverse adjusting mechanism and/or the longitudinal adjusting mechanism, the relative positions of the crossbeam and the longitudinal beams and/or the position of the sliding adjusting mechanism on the crossbeam is adjusted to enable the gravity center of the heavy object hung on the longitudinal beams to be in accordance with the hanging gravity center of the sliding adjusting mechanism mounted on the crossbeam. According to the multifunctional lifting tool, the crossbeam is adjusted in the radial direction of the longitudinal beams through the transverse adjusting mechanism, and/or the crossbeam is adjusted in the axial direction of the longitudinal beams through the longitudinal adjusting mechanism, and/or the position of the sliding adjusting mechanism on the crossbeam is adjusted, so that the gravity center of the heavy object hung on the longitudinal beams is in accordance with the hanging gravity center of the sliding adjusting mechanism.