The invention relates to erasable color thermo-sensitive paper and a preparation method thereof.The erasable color thermo-sensitive paper comprises a protective layer, a thermo-sensitive
coating and a base material layer, and the thermo-sensitive
coating comprises a yellow thermo-sensitive
coating, a first middle layer, a
magenta thermo-sensitive coating, a second middle layer and a cyan thermo-sensitive coating which are sequentially arranged from top to bottom; the protective layer is arranged on the yellow thermosensitive coating, and the cyan thermosensitive coating is arranged on the base material layer; the color developing
temperature difference among the yellow thermosensitive coating, the
magenta thermosensitive coating and the cyan thermosensitive coating is not less than 25 DEG C; the yellow thermosensitive coating, the
magenta thermosensitive coating and the cyan thermosensitive coating are respectively added with a heat conduction auxiliary agent. According to the erasable color thermo-sensitive paper, heat is isolated through the middle layer; the color developing
temperature difference of the yellow thermosensitive coating, the magenta thermosensitive coating and the cyan thermosensitive coating is not less than 25 DEG C, so that full-
color printing can be realized by superposing three colors; and by adding the heat-conducting auxiliaries with different particle sizes, a more efficient erasing effect is obtained.