This paper reported a novel rotation extrusion rheometer featuring two functions of rheological measurement and micro-tube preparation. With this rheometer, axial extrusion flow and drag hoop flow caused by mandrel and die rotation can be adjusted independently, accompanied by controllable cooling of inner and outer walls, forming complex stress and temperature fields similar to the actual processing condition. Based on data acquisition system and corresponding model, rheological behaviors of polymer can be revealed clearly to provide more valuable guidance of polymer process compared to convention capillary and rotation rheometers with sole extrusion or rotation movement. Of more value is that with the superposition of axial and hoop flows, helical flow-driven alignment of off-axial reinforcing functional phases can be manipulated to prepare high-performance functional polymer tubes unavailable via convention extrusion, such as conductive tube electrode, kink-resistant and antibacterial medical tubes, and so on. This rheometer holds the promising potential as a versatile platform for simulating practical process and producing special polymer micro-tubes.