The present disclosure relates to a dual-function protein for regulating blood glucose and lipid metabolism, wherein said dual-function protein comprises a human GLP-1 analog and human FGF21. In the present disclosure, provided is a method for preparing said dual function protein, and also provided is the use of said dual-function protein in the preparation of a biological substance for treating type 2 diabetes, obesity, dyslipidemia, fatty liver disease and/or metabolic syndrome. The dual-function protein provided in the present disclosure can synergistically regulate blood glucose and lipid levels in vivo, and satisfy multiple requirements for patients with type 2 diabetes such as lowering blood glucose, relieving hepatic steatosis, reducing body weight and improving metabolic disorders of circulating lipids.