A multi-functional precious stone testing apparatus includes a portable housing and a testing unit. The portable housing includes a portable housing having a hand-held casing and a probe casing extended from a front end of the hand-held casing. The testing unit housed in the hand-held casing includes a UV light emission unit, a UV light reflecting and guiding unit, and a UV light receiving unit. The UV light emission unit produces and emits both a long-wave UV light and a short-wave light, so as to allow the UV receiving unit to sense the UV lights reflected and refracted by a testing object for determining various qualities and distinguishing types of diamond of the testing object.