The present invention features a multi-functional pump for pumping molten metal, which includes a base that is submerged in molten metal having at least two impeller chambers. The base includes one or more inlet openings and one or more outlet openings. Each outlet opening leads from one of the impeller chambers. The invention enables the impeller to be moved to a position to rotate in either impeller chamber or while straddling impeller chambers. This enables the pump to have the versatility to operate in a circulation mode; a transfer mode; two or more circulation modes; two or more transfer modes; and a combination of transfer and circulation modes. The impeller chambers can be stacked over each other and the impeller can be moved vertically in and between impeller chambers. Also featured is a method of operating the multifunctional pump of the present invention.