A multifunctional bicycle stand can be used to park a bicycle by a hanging mode and a normal parking mode. In the hanging mode, a front wheel of the bicycle can be hung on a hanging assembly; in the normal parking mode, with configuration of the at least one positioning rod group, the front wheel or the rear wheel of the bicycle can be placed in the restraining channel, so that a user can change the parking mode of the bicycle according to site condition, environmental factor and owned strength. In an embodiment, a width of the restraining channel can be adjusted according to a wheel width of the wheel, to firmly park the bicycle in the normal parking mode.