According to the physicochemical property complementarity of bio-ethanol, biodiesel and petroleum diesel, a multi-component fuel (BED fuel for short) with bio-ethanol, biodiesel and petroleum diesel was mixed. The compatibility and stability of the BED fuel were studied under four temperature (0℃、10℃、15℃、20℃) environments. The relation between the engine performance and emissions and the six groups of BED fuel in different proportions were studied with the experiments. The results indicated that, the engine power with BED fuel greatly reduced at high loads in intermediate speed and the reducing amplitude raised with the increasing proportion of ethanol and bio-diesel components, the drop ratio was up to 10.2% compared with diesel. The equivalent brake specific fuel consumption (EBSFC for short) was lower than that of pure diesel. The change of EBSFC with BED fuel in different proportions did not show regularity at low loads, while the EBSFC reduced with the increasing oxygen content in BED fuel, the drop ratio was up to 9.2% compared with diesel. The CO emissions decreased significantly at high-loads and the biggest ratio was up to 70.1%. The Nox emissions rose with the increasing of bio-diesel component and reduced with the increasing ethanol component, the biggest raised ratio was up to 29% at rated working conditions. The THC emissions reduced with the increasing bio-diesel component and rose with the increasing ethanol component, the biggest decreasing ratio was up to 32.6% at rated working conditions.