The invention discloses synthetic leather for flame retardant, insulating, cooling, sun protecting and waterproof tarpaulins and a preparation method of the synthetic leather. The synthetic leather comprises a surface layer, a cooling layer, a heat-reflecting layer, an intermediate layer and a matrix layer, the surface layer has the function of waterproofing, sun protecting and ultraviolet light shielding, the cooling layer has the function of heat insulation and cooling, the heat-reflecting layer can reflect the near infrared light in the band of solar light to achieve heat reflection, the effect of flame retardancy can be realized in the intermediate layer, and the matrix layer has good flame retardancy and the capacity to reflect sunlight. The synthetic leather has the multiple functions including flame retardancy, heat insulation and cooling, sun protecting and waterproofing, the sun protecting and heat insulation functions are shared by a multi-layer structure, shortcomings and defects of poor effect of flame retardancy, heat insulation, sun protection and the like of existing tarpaulins are overcome, and wide application field is achieved; the preparation method has the advantages of low energy consumption and easy realization, and is beneficial to large-scale production of the synthetic leather for the flame retardant, insulating, cooling, sun protecting and waterproof tarpaulins.