The invention discloses a multi-layer sleeve forging and milling tool. The multi-layer sleeve forging and milling tool comprises a blade, the blade is vertically disposed in a combined sleeve, the topof the combined sleeve is connected with an upper connecting pipe, the combined sleeve comprises an upper sleeve and a lower sleeve, a piston which is in sliding fit with the inner wall of the sleeveis arranged in the upper sleeve, a piston rod is connected to the bottom of the piston, a drilling fluid passage leading to the bottom end of the piston rod is arranged at the top end of the piston,a spring sleeves the piston rod, and the two ends of the spring abut between the piston and the bottom of the upper sleeve; accommodating grooves are symmetrically formed in the two sides of the lowersleeve; a partition plate is disposed between the accommodating grooves; a hole passage for enabling the piston rod to expand and contract is jointly arranged on the partition plate and the bottom ofthe upper sleeve; upper supporting beams rotatably connected to the inner wall of the lower sleeve are arranged oppositely to the accommodating grooves; and the upper supporting beams are rotatably connected with the blade. The invention aims to provide the multi-layer sleeve forging and milling tool which can cut a plurality of sizes of sleeves and has convenient replacement of cutters.