A multifunctional electro-hydraulic flow control valve and a flow control method. The control valve comprises a main valve, a proportional pilot valve, a flow sensor, a multifunctional valve controller, a control cavity pressure sensor, an oil inlet pressure sensor, an oil outlet pressure sensor, a temperature sensor and a cloud storage. The invention has the characteristics that a flow of the main valve is continuously controlled without being influenced by load change without installing a pressure compensator in the system, and meanwhile, the valve has the function of a flow sensor, has low pressure loss and wide flow control range, and realizes integration of flow detection and control; and information such as flow, power and efficiency of each part in a hydraulic system is monitored in real time based on a multifunctional controller, key operation state monitoring, service life prediction and fault positioning of the control valve are achieved.