The invention discloses an aluminum powder pigment with iridescent pearl luster and a preparation method thereof. The method uses aluminum powder with an average particle size of 10 μm to 150 μm and a surface coated with SiO2 film as the substrate raw material. The SiO2 film is inert, acid-resistant, heat-resistant, and transparent. The pH of the solution is 1.5-2.5 and the temperature is 60 Under the condition of ℃~80℃, deposit a layer of nano-titanium dioxide film on the transparent SiO2 film by chemical liquid phase deposition, wash and dry, and bake the pigment at 500℃~600℃ under the protection of inert gas 0.5~1.0 h, the high-gloss pearlescent aluminum powder pigment with TiO2/SiO2/Al-based composite film was obtained. The pigment also has excellent comprehensive properties such as the illusion interference effect of pearlescent pigments and the conductivity, high hiding power, shielding and non-toxic environmental protection of metallic aluminum powder pigments. It has unique decorative effects and can be widely used in high-end automotive topcoats and high-end decorations. Products, surface coating of high-end instruments, ink printing, children's toys, etc. The method of the invention is simple and feasible, and has industrial feasibility.