This paper presents a multifunctional sensor with novel structure, which is capable of directly sensing temperature and two physical parameters of solutions, namely ultrasonic velocity and conductivity. By combined measurement of these three measurable parameters, the concentrations of various components in a ternary solution can be simultaneously determined. The structure and operation principle of the sensor are described, and a regression algorithm based on natural cubic spline interpolation and the least square method is adopted to estimate the concentrations. The performances of the proposed sensor are experimentally tested by the use of ternary aqueous solution of sodium chloride and sucrose, which is widely involved in food and beverage industries. This sensor could prove valuable as a process control sensor in industry fields.