The invention relates to an emulsion-based heat storage fiber and a preparation method thereof, and relates to the technical field of heat storage fibers. The preparation method comprises the following steps: firstly, adding an oil phase into a water phase, and uniformly mixing and stirring to obtain an oil-in-water emulsion; the oil phase is a phase change material; the water phase is a mixed solution of a particle stabilizer, a water-soluble polymer and water; the water-soluble polymer comprises one or more of sodium alginate, polyvinyl alcohol, acrylamide, polyethyleneimine, polyvinyl acetal, polyvinyl methyl ester, polyoxyethylene, polyacrylic acid, polymethylacrylic acid and polyethylene glycol; and extruding the oil-in-water emulsion into a coagulating bath, carrying out wet spinning, and after the reaction is completed, freezing and drying to obtain the emulsion-based heat storage fiber, a calcium ion solution is adopted in the coagulating bath. The heat storage fiber disclosed by the invention has the advantages of high heat storage density, high specific surface area, flexibility, spinnability, stretchability and the like, and has a great application prospect in the field of heat regulation textiles.