A multi-function cutting tool is disclosed. The multi-function cutting tool includes a cutting insert (200) and a cutter body (300). The cutting insert has an upper surface (201), a lower surface (205), and first and second cutting edge corner parts (210) and (220), which are provided on the upper surface such that the upper surface has a symmetrical structure with respect to a diagonal direction. The cutting insert further has a major cutting edge part (230), a first minor cutting edge part (240), and a lowered cutting edge part (250). The major cutting edge part has a downwardly inclined angle ranging from 3° to 10°, and extends from the first cutting edge corner part towards the corresponding second cutting edge corner part. When seen in the front view of the cutting insert, the major cutting edge is defined by a convex curved line, which has a curvature radius of 1000 mm or more.