A multifunction test instrument probe includes a housing having a hollow bore with an open end. A clamp plunger is carried in the hollow bore, with a first end including a thumb press, and a second end including an alligator clamp having a pair of jaws, with a compression spring normally biasing the thumb press away from the housing, and normally biasing the alligator clamp substantially within the hollow bore proximate the open end. A point plunger is also carried in the bore, with a first end including a thumb press, and a second end terminating in a point, with a second compression spring normally biasing the thumb press away from the housing, and biasing the point within the hollow bore proximate the open end. When the clamp plunger is depressed, the alligator clamp is extended from the open end and the jaws are urged open by a jaw spring, and when the clamp plunger is released, the compression spring acts to retract the alligator clamp back towards the hollow bore and the jaws are urged closed by contact with the open end. When the point plunger is depressed, the point is extended from the open end. When the clamp plunger is again depressed, the point retracts into the housing.