The invention provides a preparation method of a light modulation film based on a liquid crystal/polymer composite material. The method comprises the following steps that: after a liquid crystal, a photopolymerizable monomer and a photoinitiator are uniformly mixed according to a certain mass ratio, the mixture is in a clear state at a room temperature; on the basis of the siphon principle, the mixture is poured into a liquid crystal box, wherein the thickness of the liquid crystal box is controlled between 10 to 30 microns by a plastic spacer; irradiation under the ultraviolet light having the light intensity of 5 to 25 mw/cm<2> and the wavelength of 365 nm is performed for 5 to 20 minutes at a room temperature, so that a polymer dispersed liquid crystal film is formed. According to the invention, with introduction of the functional thiol monomer, the refractive index is high, the water resistance performance is excellent, the heat insulation effect is good, the oxidation resistance performance is excellent, the initiator amount is small, and the photoelectric property of the prepared PDLC film is improved substantially. Moreover, the size of the polymer mesh and the size of the liquid crystal droplet are adjusted by adjusting the mass ratio of acrylate to thiol to liquid crystal. The prepared polymer dispersed liquid crystal film has advantages of small driving voltage, highcontrast, and stable performance.