We proposed a bi-functional switchable metasurface based on vanadium dioxide (VO2) and photosensitive silicon. The metasurface functions as a transmissive polarization converter in its insulating state with asymmetric transmission characteristics. It attains a remarkable polarization conversion rate (PCR) surpassing 90% and a notable maximum asymmetric transmission (AT) parameter value of 0.73. This performance is observed within the frequency range from 4.31 THz to 7.86 THz. Dynamic regulation of PCR and AT can be achieved by adjusting the conductivity of photosensitive silicon. To illustrate the underlying factor behind the broadband polarization conversion, the surface current distribution is analyzed at 5.96 THz and 6.08 THz. On the other hand, when VO2 is in the metallic state, the metasurface transforms into a bidirectional absorber with near-perfect absorption in both illumination directions. Under forward incidence of terahertz waves, the absorption rates for the transverse electric (TE) and transverse magnetic (TM) waves are 99.3% at 3.54 THz and 93% at 3.56 THz, respectively. The physical mechanism of near-perfect absorption is explained using impedance matching theory and the electric field distribution. This research expands the applications of transmissive polarization converters within multifunctional metasurfaces, providing new avenues for their practical implementation.