A multifunctional switchable metamaterial device based on graphene, a gold layer, polyimide, vanadiµm dioxide (VO2), and the sapphire substrate is designed in this paper. The top layer consists of a gold wire, graphene, and two split-ring resonators with the same parameters. By adjusting the Fermi level of graphene, the regulation of BIC and quasi-BIC is realized, and the conversion between BIC and absorber is realized by adjusting the conductivity of VO2. When the device is converted into a wave-absorbing device with single-band absorption characteristics, the Fermi level of graphene at this time is 0.001 eV, the absorption peak at 0.820 THz is higher than 99.5%, and when the Fermi level of regulated graphene is 1 eV, the absorption peak at 0.667 THz is also higher than 99.5%. The peak frequency of the device is 0.640 THz when it converts to quasi-BIC. To the best of our knowledge, this is the first time that the conversion and regulation of BIC and absorber have been achieved using these two phase change materials. Moreover, by adjusting the parameters of the metamaterial structure, the working efficiency and frequency of BIC and absorber can be dynamically adjusted. The electric field distribution and surface current of metamaterials are further studied, and the physical mechanism of effective absorption and BIC is discussed. These results show that the metamaterials proposed in this paper have many advantages, such as terahertz absorption, BIC, and active device control, and are of great significance for developing terahertz multifunctional devices.