Currently, terahertz metamaterials are studied in many fields, but it is a major challenge for a metamaterial structure to perform multiple functions. This paper proposes and studies a switchable multifunctional multilayer terahertz metamaterial. Using the phase-transition properties of vanadium dioxide (VO2), metamaterials can be controlled to switch transmission and reflection. Transmissive metamaterials can produce an electromagnetically induced transparency-like (EIT-like) effect that can be turned on or off according to different polarization angles. The reflective metamaterial is divided into I-side and II-side by the middle continuous VO2 layer. The I-side metamaterials can realize linear-to-circular polarization conversion from 0.444 to 0.751 THz when the incident angle of the y-polarized wave is less than 30°. The II-side metamaterials can realize linear-to-linear polarization conversion from 0.668 to 0.942 THz when the incident angle of the y-polarized wave is less than 25°. Various functions can be switched freely by changing the conductivity of VO2 and the incident surface. This enables metamaterials to be used as highly sensitive sensors, optical switches, and polarization converters, which provides a new strategy for the design of composite functional metamaterials.