The invention discloses an air-filled umbrella with both air inflation and air exhaust functions. The air-filled umbrella comprises an umbrella handle part, a piston part slidably connected with an inner wall of the umbrella handle part in a matching way, an umbrella cover connecting piece rotatably connected to the upper part of the umbrella handle part, and air-filled support pipes connected onto the umbrella cover connecting piece, whereinan umbrella cover is connected onto each air-filled support pipe; a plurality of clamping plates uniformly arranged along a circumferential direction are formed on the lower end of an outer wall of the umbrella handle part; a rotary knob part is in threaded connection to the outer side of the lower part of the umbrella handle part; a clamping inclined face for inwards compressing the clamping plates is formed on the lower part of an inner wall of the rotary knob part; two symmetrically arranged one-way valves are fixedly arranged on the upper end of the umbrella handle part, and comprise a one-way valve a outwards conducted from the inside of the umbrella handle part, and a one-way valve b with an opposite conducting direction of the one-way valve a; air vents a with the upper end being communicated with an umbrella stand connector and the lower end being propped against the one-way valves in a sealing way are formed on the umbrella cover connecting piece; a magnet a and a magnet b are respectively and fixedly connected to the middle position of a one-way valve installation seat and the middle position on an air control part.