The invention discloses an arc extinguishing and lightning protection insulator which comprises a foot ball, an insulator body, an arc extinguishing channel, a plurality of skirt hems and an arc blocking skirt hem, wherein the foot ball is fixedly connected with the insulator body; an arc striking electrode (11) is arranged at the top of the insulator body (1); the arc striking electrode is embedded in the foot ball; a cap groove is formed in the bottom of the insulator body; the arc extinguishing channel is spirally formed in the surface of the insulator body; the skirt hems are fixedly arranged on the insulator body; an arc blocking fence is arranged in the arc blocking skirt hem; the diameters of the skirt hems and the arc blocking skirt hem are 300 to 450 mm; arc guiding metal balls are fixedly arranged in the arc extinguishing channel at a certain distance; and in an inner cavity of the arc extinguishing channel, the arc striking electrode is connected with the first arc guiding metal ball in the arc extinguishing channel through a lead wire, and the last arc guiding metal ball is connected with the bottom of the arc extinguishing channel through the cap groove.