The invention discloses an MEMS pressure sensor and a preparation method thereof. The MEMS pressure sensor comprises a bulk silicon layer, a substrate, a buried oxide layer, a top silicon layer, a piezoresistor, a stress film, an ohmic contact, a metal lead, an insulating dielectric layer, a small cavity, a large cavity, an inner Wheatstone bridge and an outer Wheatstone bridge. A small cavity is arranged in the top silicon layer, a large cavity is arranged in the bulk silicon layer, and the piezoresistor is arranged right above midpoints of four sides of the two cavities and in the top silicon layer. By arranging two Wheatstone bridges which are formed by two sets of piezoresistors and are located on stress films with different thicknesses, pressure in different measuring ranges is measured respectively, and the problems that a low-measuring-range pressure sensor loses linearity in a high-pressure environment and a high-measuring-range pressure sensor is low in sensitivity in a low-pressure environment are solved to a certain extent. The pressure sensor has a wide range and also has the sensitivity of a low-pressure environment; and meanwhile, the two cavities are stacked up and down in space, so that the chip area is saved, and the integration level is improved.