In this paper, we present a novel multifunctional liquid lens (MLL) for high-performance miniature cameras. The proposed MLL firstly offers concurrent variable-focus and variable-aperture functions in a single lens system solely using electrowetting-on-dielectric (EWOD) actuation. To perform both optical functions, the MLL employs two immiscible liquids and controls liquid–liquid interfaces directly through the application of voltage. The performances of both optical functions are experimentally verified by using a prototype of the MLL. Finally, as proof of concept, the simultaneous operation of the variable-focus and variable-aperture functions are demonstrated. The MLL has not only a wide range of tunability but also a simple design structure to be easily miniaturized for camera modules embedded in smart mobile devices and biomedical imaging systems.