The subject invention provides multi-functional biochemical compositions, as well as their use in enhancing oil recovery by, for example, enhancing traditional acid treatments. Advantageously, the compositions and methods of the subject invention are operationally-friendly, cost-effective, and environmentally-friendly approaches to enhancing oil recovery. More specifically, in preferred embodiments, the subject invention provides a multi-functional composition for enhanced oil recovery (EOR) comprising one or more concentrated acids that work in synergy with a combination of one or more surfactants, one or more chelating agents, and one or more solvents to stimulate the flow of oil from a formation.