Abstract: Chemical recycling of waste polyester garments is an important way to reuse textile resources, but the final product obtained through conventional processes is still ordinary polyester fiber. The paper introduces a new polyester fiber with several functional properties featuring advantages of energy saving, emission reduction and consumption reduction. Based on the analysis of the green development trend of the textile industry, the paper proposes that the chemical regeneration technology of waste polyester should be combined with the new multifunctional polyester processing technology to develop new regenerated multifunctional polyester products with good environmental and economic benefits to promote the high-value reuse of waste polyester.