The present invention belongs to the field of polymerization and processing of polymer and relates to the preparation of a kind of functional polyolefin master batch. The functional master batch is produced by liquid phase, melt phase, or solid phase reaction after mixing the polyolefin resin, polyamine and guanidine salt oligomer, olefin monomer and initiator. The molecular structure of functional polyolefin master batch is shown below: ##STR00001## wherein R is a polyamine and guanidine salt oligomer bonded onto polyolefin molecular chain by covalence bond, while S is one selected from hydrogen, chlorine, methyl, or phenyl group. Blending mentioned functional master batch with the corresponding polyolefin, the various antimicrobe products, such as fibers, film, pipe and other plastic articles can be obtained. Besides endowing products with excellent permanent antimicrobe property, it also provides fibers with good-dyeable and antistatic ability and bumpers with easy-paintable ability.