The present invention discloses a multi-training function air-water punching bag structure that comprises one inner bladder, one external bag, at least one set of handles, at least two sets of first suspenders, and at least one set of second suspenders. The inner bladder respectively contains liquid and air simultaneously. Users can adjust the volume of the liquid and air according to the needs of training and the tactile feel of the punches. The external bag integrates the handle set or the first set of suspenders and the second set of suspenders to reach the effect of multi-training functions.