A multi-functional compact clipper for fishing includes a rotatable base plate and an upper and lower holding plates that form a space therebetween. The rotatable base plate has a pair of upper and lower grooves at one end, an axial end at another end, a stop disposed a at middle rear side and a needle at an inside wall of a hollow formed on a front side. The rotatable base plate connects elastically with a threaded device and pivotally with the holding plates. The threading device provides a threading wire and a slit connecting with the grooves of the rotatable base plate. The upper holding plate is provided with a cutter set magnetically in a hole of a projected end of the upper holding plate. The rotatable base plate is pivotally folding into and drawn out of the space between the holding plates. The stop limits the rotation of the rotatable base plate by engagement with cavities formed on the upper and lower holding plates.