Traditional fault current limiters often have some problems including low utilization，single function，and influence on system power quality to some extent.Taking the existing problems and advantages of power electronic devices into account，this paper proposes a topology of a novel multi-functional power electronic current limiter（MF-PECL）.The topology is able to achieve the dual operating mode of power quality optimal control and fault current limiting.It can attain duplex control and switching control by controlling the branch of insulated gate bipolar transistors（IGBTs）and thyristors.An equivalent model for the limiter impedance is developed for analyzing the impedance characteristics in the current-limiting mode.Finally，simulation results have verified the feasibility of the proposed topology and control methods.