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 via a cyclic freeze-thaw process combined with freeze-drying and calcium ion cross-linking. The microstructure and morphology of SPHE were characterized. The antibacterial, antioxidant, water absorption, porosity, and mechanical properties were analyzed. Additionally, the hemostatic performance and biocompatibility were investigated. The results indicate that SPHE sponge possesses a highly loose and porous structure, enables rapid water absorption and expansion, exhibits excellent antibacterial activity against Escherichia coli and Staphylococcus aureus, and demonstrates good biocompatibility. At an EHE mass fraction of 2%, the sponge exhibits favorable mechanical properties, water absorption capacity, and porosity, with a clotting index of 32.92% and a hemolysis rate of 2.71%, and it demonstrates good hemostatic efficacy in mouse tail-amputation experiments. Therefore, this SPHE sponge holds promising prospects for application in the field of hemostatic dressings.