The invention provides a bio-based environmental protection packaging bag and a preparation method thereof, wherein the packaging bag comprises, by weight, 20-40 parts of corn starch, 50-70 parts of PBAT, 10-20 parts of PLA, 5-10 parts of glycerin, 0.1-1 part of maleic anhydride, 1-5 parts of an ethylene-vinyl acetate copolymer, 0.1-1 part of an opening agent, 1-3 parts of an antibacterial agent,1-3 parts of talc powder, 1-3 parts of calcium carbonate, and 0.1-1 part of a chain extender. The preparation method comprises: raw material pretreatment, raw material mixing, extrusion granulation, granule mixing, extrusion film-blowing, and winding to prepare the packaging bag. According to the present invention, by using starch, PBAT and PLA as the raw materials, the degradation performance ofthe packaging bag is improved, the packaging bag is environmentally friendly, the cost is reduced, the consumption of petroleum-based resources is reduced, the antibacterial and antifungal propertiesof the packaging bag are improved, the safety of food is ensured, and the product has advantages of high strength, water resistance, oil resistance and durability during the use; and the packaging bagis prepared through blowing film forming by the blowing machine, such that the specification is controllable, the application range is wide, and the method is suitable for large-scale industrial production and promotion.