Bi-tunable asymmetric light transmission (AT) and nearly perfect resonant absorption functionalities are achieved by a Lorentz-reciprocal metamaterial for the operation at the mid-infrared (MIR) wavelengths and transverse magnetic polarization. The bi-tunable metamaterial with bi-functional features and a total thickness of 1.8 μm is based on an hBN/graphene/hBN heterostructure that is bounded by a Ge grating on the upper side and a hybrid VO 2 ∕Au grating on the lower side. Through analytical calculations, we first investigate how the dispersion characteristics of the high-β hyperbolic phonon polaritons of hBN can be controlled and hybridized through the insulator (i-VO 2 ) to metal (m-VO 2 ) transition of VO 2 in a bare hBN∕VO 2 heterostructure. Then, at the absence of graphene and owing to the support of the hybridized high-β modes, a broad and efficient AT with forwardto-backward contrast exceeding 40% is obtained by numerical calculations for the i-VO 2 case, as the first functionality of the structure. Moreover, it is found that for the m-VO 2 case, the device is no longer transmittive and a nearly perfect resonant absorption response, as the second functionality, is observed for backward illumination. Finally, by introducing multilayer graphene into the structure and considering the intermediate states of VO 2 in the calculations, the bi-tunable transmission and absorption characteristics of the device are investigated. We believe the designed metamaterial is well-suited for MIR optical diodes, sensors, and thermal emitters.