We present deep XMM-Newton, Karl G. Jansky Very Large Array, and upgraded Giant Metrewave Radio Telescope observations of Abell 746, a cluster that hosts a plethora of diffuse emission sources that provide evidence for the acceleration of relativistic particles. Our new XMM-Newton images reveal a complex morphology of the thermal gas with several substructures. We observe an asymmetric temperature distribution across the cluster: the southern regions exhibit higher temperatures, reaching ∼9 keV, while the northern regions have lower temperatures (≤4 keV), likely due to a complex merger. We find evidence of three surface brightness edges and one candidate edge, of which three are merger-driven shock fronts. Combining our new data with published LOw-Frequency ARray observations has unveiled the nature of diffuse sources in this system. The bright NW relic shows thin filaments and a high degree of polarization with aligned magnetic field vectors. We detect a density jump, aligned with the fainter relic to the north. To the south, we detect high-temperature regions, consistent with the shock-heated regions and a density jump coincident with the northern tip of the southern radio structure. Its integrated spectrum shows a high-frequency steepening. Lastly, we find that the cluster hosts large-scale radio halo emission. A comparison of the thermal and nonthermal emission reveals an anticorrelation between the bright radio and X-ray features at the center. Our findings suggest that Abell 746 is a complex system that involves multiple mergers.