Abstract: A recombinant bi-functional fusion protein, comprising an Ig region of an extracellular domain of a signal-regulator protein (SIRP), linked via a Fc fragment of an Ig, to an Ig region of an extracellular domain of VEGFR, wherein the protein can bind to CD47 and VEGF simultaneously, blocking the binding of CD47 with the SIRP on the cell surface of macrophages to stimulate the phagocytosis of tumor cells by macrophages, and inhibiting the growth of vascular endothelial cells induced by VEGF. The present application also provides a nucleic acid molecule encoding the recombinant bi-functional fusion protein and an expression vector expressing the protein, a method for producing the protein and a method for treating a disease over-expressing CD47 or VEGF.