The invention discloses an inflatable umbrella with inflation and deflation functions. The inflatable umbrella comprises an umbrella pole part, a pumping-up pole, an umbrella frame fixed piece, an inflation supporting tube, and an umbrella surface, wherein the pumping-up pole is connected below the umbrella pole part, the umbrella frame fixed piece is fixedly connected with the umbrella pole part, the inflation supporting tube is arranged on the outer periphery of the umbrella frame fixed piece, and the umbrella surface is connected with the upper end of the inflation supporting tube; a one-way valve is arranged at the bottom of the pumping-up pole, and the pumping-up pole can realize the pumping-up and discharge of the inflation supporting tube through changing the breakover direction of the one-way valve.