A multifunctional metastructure (MS) working in the near-infrared band is proposed that achieves linear to circular polarization conversion (LTCPC) and electromagnetically induced reflection (EIR). In addition, due to the use of reflected electric fields to overcome the influences of near-infrared band thermal radiation, MS has a good multifunctional sensing detection. The given MS is composed of a four-layer stacked structure. From the substrate to the top layer (along the +z-direction), it consists of silver, a silicon dioxide layer, and two layers of silicon (Si) resonators. Each layer of the Si resonator has four holes created by rotation. By breaking the symmetry of the upper and lower Si layers of MS, the deviation of the rotation angle of the upper and lower holes is introduced, so the MS achieved a near-infrared EIR with an ultrahigh quality factor (Q-factor). Under electromagnetic wave incidence, at 187.89 THz, the Q-factor of MS's reflection peak reaches 2441.25. Due to the unique shapes of the two resonator layers' holes, the axial ratio (AR) is less than 3 dB between 187.844 THz and 187.871 THz, realizing LTCPC. Utilizing the relationship between the optimal polarization conversion frequency point (the frequency corresponding to the lowest AR) and the environmental refractive index, the MS can be used for detecting cancer cells with a sensing sensitivity (S) of 37.24 THz/RIU (36.06 THz/RIU). By introducing the alcohol into the MS, the refractive index of the alcohol to be measured. MS achieved the detection function of the alcohol solution volume fraction, with an S reaching 33.32 THz/RIU, and a figure of merit as high as 154.202. Finally, the related parameters and polarization angle are discussed. The effects of different parameters on EIR and AR also are analyzed. The innovation of this paper lies in the realization of EIR, and a method to improve the Q-factor of near-infrared EIR by rotating the structure is proposed. The combination of a high Q-factor and polarization conversion overcomes the disadvantage that both are difficult to achieve together, and the EIR is easier to detect than the electromagnetically induced transparency. The design also has potential applications in biomedical sensors and industrial production.