A multifunction peg comprises a main body and two second pressing arms. Each second pressing arm includes a through hole and two hooks. A through hole is formed at an upper part of the second pressing arm, and includes a large round hole, two middle round holes and two small holes, for fitting and receiving a salient or a nail. The multifunction peg can hold an article and versatilely engage with a salient or a nail prefixed to a wall or a wooden board, thereby getting fixed in position.