This article proposed a metastructure device that can realize polarization conversion (PC) and absorption function switching in the terahertz (THz) range based on the photoconductivity effect. The photoconductance is formed by exposing silicon to different intensities of light, then the PC and absorption function can be switched. At the same time, the absorption bandwidth is expanded by inserting air resonant cavities into the dielectric substrate, changing the thickness of the dielectric locally, and cutting rectangular slots at the metal bottom plate. When the device works as a polarization converter, linear-to-linear PC with a polarization conversion rate of over 90% at 0.96-1.47 THz can be achieved, and its relative bandwidth is 42%. And when the silicon conductivity is fixed at 3500 S/m through illuminating, the device switches to an ultra-broadband absorber with over 90% absorption at 0.75-1.73 THz and a relative bandwidth of 79%. The designed device can be applied efficiently in many fields, such as electromagnetic cloaking and communication.