The invention relates to the field of radar wave reflection, in particular to a multifunctional radar wave reflection soft protective material and a preparation method thereof. The soft protective material comprises a PVC coating layer I, a bonding layer I, a piece of carbon fiber base cloth, a bonding layer II and a PVC coating layer II. The first layer and the fifth layer on the upper and lowersurfaces are respectively the PVC coating layer I and the PVC coating layer II, the third layer in the middle is the carbon fiber base cloth, and the second layer and the fourth layer are respectivelythe bonding layer I and the bonding layer II coating the upper and lower surfaces of the carbon fiber base cloth. The raw materials of the PVC coating layers include polyvinyl chloride resin, plasticizer, flame retardant, filler, stabilizer and anti-ultraviolet agent. The soft protective material is prepared by the steps of slurry preparing and grinding, base cloth drying, soaking, rolling, scrape coating and sizing, plasticizing and drying, and the like. The soft protective material of the invention has good radar wave reflection performance, and has the advantages of low weight, high strength, water proofing, flame retardancy, ultraviolet protection, and the like.