Abstract: Common prosperity in spiritual life is a prosperity that encompasses subjective and objective elements, takes all the people as the main body, possesses differences, and aims to achieve the value goal of people's free and comprehensive development. Common prosperity in spiritual life helps promote common prosperity for all people, satisfies the people's growing needs for a better life, advances the construction of modern Chinese civilization, and promotes people's free and comprehensive development. Ideological and political education can promote the realization of common prosperity in spiritual life with its unique functions. The individual functions of ideological and political education help enhance people's spiritual realm, enhance their sense of happiness, and promote their comprehensive development. The social functions of ideological and political education help strengthen the cohesion of the Chinese nation, improve the cultural literacy and moral standards of the general public, and stimulate social vitality. However, the imbalanced and inadequate development, the diversity of modern culture, and the impact of new media have, to a certain extent, constrained the functions of ideological and political education. To fully utilize the functions of ideological and political education to promote the realization of common prosperity in spiritual life, we should promote balanced and adequate economic and social development, purify the social cultural environment, and strengthen the supervision of new media.