A flame-retardant contractile anti-corrosion packaging film adopts a two-layer or three-layer structure, namely an inner layer containing a rust inhibitor which has an anti-corrosion and protection function for metal, and an intermediate layer and an outer layer respectively containing a fire retarding agent with a flame-retardant function, wherein each layer contains plastic particles which has thermal contractile property. The film is formed in a way that all raw materials are subjected to heating, co-extrusion and blow molding on two-layer / three-layer co-extrusion film blowing equipment under a certain thermal condition according to a certain thickness proportion after being mixed according to certain types and proportion, and is a novel multifunctional metal anti-corrosion and protection packaging material. The packaging film has the characteristics of thermal contractile property, good rust protection property, skin packaging, good air tightness, tightness, flame retardancy, and convenience in automatic operation, is economical and practical, and can be extensively applied to the anti-corrosion and protection packaging for such products in storage and delivery periods as automobile components, machinery equipment, hardware tools, metallurgy products, aerospace, electronic equipment and weapons. Therefore, the packaging film is a bran-new material in the filed of metal protection packaging.