The invention is applicable to the technical field of materials, and provides a PEF heat shrinkable film. The PEF heat shrinkable film comprises an outer film layer, a middle film layer and an inner film layer, wherein each of the outer film layer and the inner film layer is prepared from, by weight, 40-55 parts of high-pressure low-density polyethylene, 15-25 parts of high-density polyethylene, 10-15 parts of an ethylene-vinyl acetate copolymer, 5-10 parts of polyurethane acrylate, 5-10 parts of modified argil, 4-6 parts of oleamide and 2-5 parts of an antioxidant; and the middle film layer is prepared from, by weight, 25-35 parts of high-pressure low-density polyethylene, 20-30 parts of high-density polyethylene, 10-15 parts of the ethylene-vinyl acetate copolymer, 2-6 parts of modifiedgas silicon, 4-6 parts of oleamide and 1-3 parts of the antioxidant. The PEF heat shrinkable film formed by compounding the raw materials which are nontoxic and wide in source is stable in appearance,has good physical and mechanical properties such as the heat shrinkage rate, the tensile property and the tearing strength, is suitable for package and transportation of articles including but not limited to foods, electronic products and the like, and has good development prospects.