The utility model relates to a multifunctional insulator with an improved lead clip. The multifunctional insulator comprises an insulating shed and a lead fixing device, wherein the lead fixing device integrally takes the shape of an egg and comprises a support body groove, the lead clip and a screw fixing device; a non-edge smooth curved surface is formed at the edge of the support body groove; the lead clip consists of a first clip and a second clip which are combined together in a limited rotational manner, and arc-shaped grooves are formed at one end of the first clip and one end of the second clip; the lead clip is combined with the support body groove to form a first slot and a second slot; and the combination part of the first clip and the second clip forms an anti-slip rotational structure and a clip stroke rotational structure. The multifunctional insulator can effectively reduce circuit failures, such as wire breakage, pole collapse, ground loss and the like, speeds up the construction, saves the material, simultaneously reduces friction or scratch on leads during construction and operation, is convenient in installation, modification and routine maintenance, and can improve the operation efficiency and reliability of circuits, thereby efficiently improving the circuit capability of resisting windstorm, rainstorm, snowstorm, and other natural disaster, as well as external damage.