The invention discloses a polymer dispersed liquid crystal film and preparation method thereof. The liquid crystal film comprises, by mass: 65-135 parts of a substrate material, 65-135 parts of a liquid crystal material, and 0.2-2.0 parts of glass microspheres. The substrate material is composed of, by mass: 10-20 parts of a macromolecular agent, 0.65-1.35 parts of a photo-initiator, and 55-115 parts of one selected from n-propyl methacrylate, n-octyl methacrylate, trifluoroethyl methacrylate, dodecyl methacrylate, and tert-butyl methacrylate. The macromolecular agent is composed of, by mass: 0.02-0.09 parts of azobisisobutyronitrile, 0.19-0.26 parts of a trisulfide ester chain transfer agent, and 10-20 parts of one selected from 4-methoxy styrene, 4-trifluoromethyl styrene, and 4-methyl styrene. With the method provided by the invention, problems of uncontrollable substrate molecular weight and structure of prior arts are solved, driving voltage of the polymer dispersed liquid crystal film is reduced, and on-state light transmittance is improved. Therefore, an ultraviolet radiation device is not needed, such that the method is energy-saving, environment-friendly, and safe.