Abstract: To develop a multifunctional hemostatic dressing, extracts of Euphorbia humifusa (EHE), sodium alginate (SA), polyvinyl alcohol (PVA), and hydroxypropyl methylcellulose (HPMC) were selected as raw materials. SA/PVA/HPMC/EHE (SPHE) hemostatic sponges were prepared using a cyclic freeze-thaw combined with freeze-drying method and a calcium ion cross-linking method. The microstructure and morphology were characterized. The antibacterial, antioxidant, water absorption, porosity, and mechanical properties were analyzed. Additionally, the hemostatic performance and biocompatibility were investigated. The results indicated that the SPHE sponge possesses a highly loose and porous structure, can rapidly absorb water and expand, exhibits excellent antibacterial activity against Escherichia coli and Staphylococcus aureus, and demonstrates good biocompatibility. When the EHE content was 2%, the sponge exhibited favorable mechanical, water absorption, and porosity properties, with a clotting index of 32.92% and a hemolysis rate of 2.71%, and demonstrated good hemostatic efficacy in mouse tail-amputation experiments. Therefore, this SPHE sponge holds promising prospects for application in the field of hemostatic dressings.