Abstract: The basic development principle of portable multifunctional eddy current meter was introduced, which included eddy current testing, measurement for the conductivity of metal material and thickness of cladding. Through numerical simulation in ANSYS software, the changing law of the impedance of probe coil was found, a method that using phase analytical method to correct lift-off effect in the impedance plane was put forward. Based on the principle, the meter system using high performance microprocessor AT91RM9200 was designed. It has a great application prospect.