Terahertz metamaterial plays a significant role in the development of imaging, sensing, and communications. The function of conventional terahertz metamaterials was fixed after fabrication. They can only achieve a single function and do not have adjustable characteristics, which greatly limits the scalability and practical application of metamaterial. Here, we propose a vanadium dioxide-based terahertz metamaterial device, which is switchable between being a transmitter and an absorber. The transmission and absorption characteristics and temperature tunable properties of phase change metamaterials in the terahertz band were investigated. As the temperature of vanadium dioxide is varied between 20 °C and 80 °C, the device can switch between transmission and quad-band resonance absorption at the terahertz frequency range, with a high transmission rate of over 80% and a peak absorbance of 98.3%, respectively. In addition, when the device acts as an absorber, the proposed metamaterial device is tunable, and the modulation amplitude can reach 94.3%; while the device is used as a transmissive device, the modulation amplitude of the transmission peak at 81%. The results indicate that the proposed metamaterial device can promote the applications of terahertz devices, such as switching, modulation, and sensing.