Dynamically tunable multifunctional hypersurface structures have attracted the interest of researchers due to their good control of electromagnetic waves. Based on this, we have designed a dynamically tunable multifunctional hypersurface structure using the phase change material vanadium dioxide. By changing the state of vanadium dioxide, three functions of efficient broadband wave absorption, linear polarization conversion (LPC) and linear circular polarization conversion (LCPC) can be achieved. At room temperature, the hypersurface is used as a polarization converter to achieve broadband linear polarization conversion in the 0.903 THz range and line-circular polarization conversion with a total bandwidth of 0.608 THz in the 0.522 THz, 0.964 THz and 1.448 THz bands. When the temperature is raised to 68 °C, the hypersurface structure can be used as a broadband absorber, absorbing more than 90% of the incident wave in a wide frequency range of 1.348 THz and showing a large tolerance to variations in the angle of incidence and polarization. The electromagnetic field distribution is used to illustrate the absorption mechanism, and Stokes analysis is introduced to evaluate the polarization transition state. The designed structure can realize three electromagnetic modulation functions by changing the excitation conditions and can cover a wide range of frequency bands. Finally, we used coding to simulate the effect of loss on the wave absorption results in real applications and verified the stability of the structure. Our design provides new ideas for the development of terahertz communication and multifunctional integrated devices.