In the anti-wrinkle finishing of cotton fabrics, the decreased dyeability of the finished fabrics has always been a difficult problem. A new anti-wrinkle finishing mode was developed to solve this problem by changing the finishing sequence of fabric dyeing and anti-wrinkle. In this research, the partial oxidization of raffinose with sodium periodate generated multiple aldehydes, which acted as multifunctional cross-linkers and endowed cotton fabrics with anti-wrinkle and hydrophilic properties. The structural characteristics of oxyRa were analyzed by FTIR and 13C-NMR. Through response surface methodology (RSM), the finishing model of oxyRa was established from the influencing factors of catalyst concentration, pH, curing temperature and time, and the optimized finishing process: the catalyst concentration was 20.12 g/L, pH was 4.32, curing temperature was 150 °C and curing time was 120 s. Under this condition, the predicted wrinkle recovery angle (WRA) of the finished fabric was up to 249.76°, Tensile strength (TS) was 75.62%, Whiteness index (WI) was 70.69. Importantly, comparing the anti-wrinkle and dyeing performance of the fabric with anti-wrinkle and then dyeing and anti-wrinkle after dyeing, the oxyRa-treated fabrics showed better dyeing properties compared with previously reported dimethyldihydroxyethylene urea (DMDHEU), glutaraldehyde (GA), and 1,2,3,4-butanetetracarboxylic acid (BTCA). Analysis of the combined mechanism of different finishing agents and cellulose, demonstrated the reason why oxyRa can be used to change the order of dyeing and anti-wrinkle finishing.