A multi‐functional peptide molecule was rational designed to use as gelator, dyes separation agent and metal ions adsorbent. The peptide molecule consists of phenylalanine‐phenylalanine‐alanine‐cysteine‐aspartic acid with a protective group of acetyl, simplified as Ac‐FFACD‐OH. FF is the critical composition of gelator and contributes to the formation of gels in a range of pH values from 1.0 to 6.0. The application as drug delivery system (DDS) of gels was tested by encapsulating DOX without destroying the gel structure. The in vitro release behaviors were investigated at different pH, showing a rapid release at pH 5.5 while a slow release at pH 7.4. Among all the amino acids, D is one of the only two acidic amino acids, which can bring acidity and electronegativity to peptide molecules. The electrostatic attraction makes the peptide to be a good adsorption agent for cationic dyes and repulsive towards anionic dyes. Adsorption experiments show that the adsorption efficiency is higher than 90% for cationic dyes and lower than 25% for anionic dyes. In a separation experiment, about 60% of the anionic dyes can be separated from the mixed dyes. Metal ions are also adsorbed with high adsorption efficiency of > 99% for Fe3+ and > 95% for Cu2+. The multi‐functions of the peptide molecule will provide theoretical basis and practical application for the goal‐directed design of peptide molecule structures.