The invention discloses a medical cold compress dressing and a preparation method thereof. The medical cold compress dressing comprises the following components: algal polysaccharides, a hydrophilic gel skeleton material, growth factors, hyaluronic acid, sericin, silk fibroin, a grape skin extract, a Gypsophila paniculata extract, a Codariocalyx motorius extract, menthol and water. The preparationmethod of the cold compress dressing comprises the following steps: weighing the components according to the mass, mixing the components under a certain condition to obtain a hydrogel-like liquid, defoaming the hydrogel-like liquid, then pouring the defoamed hydrogel-like liquid into a mold, performing freeze molding to obtain a hydrogel film, performing vacuum sealing on the hydrogel film, and then performing sterilizing to obtain the medical cold compress dressing. The medical cold compress dressing provided by the invention can be used for cooling, repairing and nursing a skin barrier, promoting wound healing and protecting a wound, has the effects of replenishing water, resisting bacteria, diminishing inflammation, diminishing swelling and resisting oxidation, and also has good film-forming property, air permeability, moisture retention, biocompatibility and skin fitness.