Abstract: A near-bit multi-parameter downhole measurement and control system while drilling, including a ground device and a downhole assembly. The downhole assembly includes a drill bit, a multi-parameter acquisition and signal transmission sub, a positive displacement motor or drilling tool, a receiving and transmitting module, a wireless communication sub, and a non-magnetic drill collar which are connected in sequence. The multi-parameter acquisition and signal transmission sub is provided with the near-bit measuring instrument. The receiving and transmitting module is configured to receive signals from the near-bit measuring instrument and transmit the signals to the wireless communication sub. The wireless communication sub is configured to transmit the received signals to the ground device through a mud pulse generator in a form of pulse signal, and the ground device decodes and analyzes downhole data. The system can monitor and adjust the real-time changes of downhole engineering parameters timely.