The invention relates to the technical field of ecological slope protection substrates, and specifically discloses a green ultralight crack-resistant polyvinyl alcohol substrate and a preparation method thereof. The preparation method comprises the following steps: (1) weighing raw material soil, and carrying out drying and sieving for subsequent usage; (2) adding a curing agent into sieved raw material soil, and carrying out uniform mixing; (3) adding water into a mixture obtained in the step (2), and carrying out uniform mixing under stirring; and (4) adding polyvinyl alcohol powder, polyvinyl alcohol fiber, a gelling agent, a filling material, an anti-foaming agent, a wetting agent, a preservative and a pigment into a mixture obtained in the step (3) according to certain addition amounts, and carrying out uniform mixing under stirring. The lightweight material provided by the invention guarantees the strength of a composite soil body to meet the ecological protection requirements of a slope, has the advantages of cracking resistance, impermeability, erosion resistance, ultralight weight, beautiful appearance and the like at the same time, reduces the load of a slope surface, can prevent slope protection plants from dying due to soil loss, provides a green element to the slope surface before vegetation germination, avoids visual fatigue caused by a dark substrate, and enables the slope surface to achieve a landscape effect.