Nitrogen-vacancy (NV) color centers can perform highly sensitive and spatially resolved quantum measurements of physical quantities such as magnetic field, temperature, and pressure. Meanwhile, sensing so many variables at the same time often introduces additional noise, causing a reduced accuracy. Here, a dual microwave time-division multiplexing protocol is used in conjunction with a lock-in amplifier in order to decouple temperature from magnetic field and vice versa. In this protocol, dual-frequency driving and frequency modulation are used to measure magnetic and temperature field simultaneously in real time. The sensitivity of our system is about 3.4nT/√Hz and 1.3mK/√Hz, respectively. Our detection protocol not only enables multifunctional quantum sensing, but also extends more practical applications.