A process for producing porous polymer masterbatch having anti-bacterial and odor eliminating functions, wherein said fiber contains materials such as porous natural mineral kieselguhr or active carbon, can absorb and eliminate odor such as stink of sweat and the like discharged from the human body, has functions of sterilization, anti-bacterial, anti-mold, and the like. Pores of the natural mineral kieselguhr or active carbon contain organic Chinese herbal medicine and inorganic anti-bacterial minerals, wherein all of such organic Chinese herbal medicine and inorganic anti-bacterial minerals have functions of anti-bacterial, anti-fungal and the like, can eliminate effectively odor or reduce substantially stink, and can be applied extensively in various fabrics, clothes and ornaments or other goods.