Objective To investigate the clinical effect of kidney-tonifying, detoxicating, and stasis-resolving prescription combined with CPT chemotherapy regimen in the treatment of elderly multiple myeloma and its influence on immune function. Methods A total of 40 patients with elderly multiple myeloma were randomly divided into treatment group and control group, with 20 patients in each group. The patients in both groups received CPT chemotherapy, with 28 days as one cycle, and the clinical outcome was evaluated after 6 cycles. The patients in the treatment group were given kidney-tonifying, detoxicating, and stasis-resolving prescription in addition. The clinical outcome, change in quality of life, and improvement in TCM clinical symptoms were observed, and the levels of vascular endothelial growth factor (VEGF) and interleukin-6 (IL-6) and the percentage of regulatory T cells were measured before and after treatment. Results There was no significant difference in short-term clinical outcome between the treatment group and the control group (P>0.05). Compared with the control group, the treatment group had significantly better improvements in bone pain, quality of life, and TCM clinical symptoms (P<0.05). There were no significant differences in the levels of VEGF and IL-6 between the two groups before treatment (P>0.05); both groups had significant reductions in the levels of VEGF and IL-6 after 3 and 6 months of treatment (P<0.05), and the treatment group had significantly greater reductions compared with the control group (P<0.05). As for regulatory T cells, both groups had significant increases in the percentages of CD4+CD25+, CD4+CD25high, and CD4+CD25highCD127low T cells before treatment (P<0.05) and significant reductions in these cells after treatment (P<0.05), and the treatment group had significantly greater reductions compared with the control group (P<0.05). Conclusion In the treatment of elderly multiple myeloma, kidney-tonifying, detoxicating, and stasis-resolving prescription combined with CPT chemotherapy regimen helps to improve patients clinical symptoms and increase immune function.