Disclosed are a multifunction magnetic reading device and a control method thereof as well as a printer. The multifunction magnetic reading device comprises a magnetic head component, a driving mechanism and a controller. The magnetic head component comprises a first magnetic head and an electromagnet. The first magnetic head comprises a first sub-head and a second sub-head. The electromagnet is configured to magnetize the MICR character. The driving mechanism is configured to drive the magnetic head component to reciprocate horizontally along a medium path in the medium path. According to the disclosure, a check and passbook processing device is also capable of reading a check inserted horizontally, and a user does not need to perform complex operations, which makes the multifunction magnetic reading device to be used conveniently.