The invention discloses a multifunctional paying-off hole mold and a method of blocking and forming a paying-off hole through the same. The paying-off hole mold comprises a mold body formed by four side plates in a defined mode, and each side plate is a trapezoidal big-end-up steel plate. The paying-off hole mold is characterized in that an upper cover plate and a lower blocking plate are fixed toan upper opening and a lower opening of the mold body respectively, a casting opening is formed in the middle of the upper cover plate, at least one extension part with one end extending out of the side edge of the upper cover plate is fixed to the two opposite sides of the upper cover, at least one extension part is fixed to the upper end face or the lower end face of the upper cover plate, eachextension part is sleeved with an auxiliary sleeve, and the length of the auxiliary sleeves is larger than or equal to the length of the extending end of the extension parts. According to the multifunctional paying-off hole mold and the method of blocking and forming the paying-off hole through the same, the mold has the advantages of being multipurpose, the process of blocking the paying-off hole is simplified, and the forming quality is higher after blocking.