The invention discloses a fiber toughened polyethylene wrapping film. The fiber toughened polyethylene wrapping film is composed of, by weight, 1 to 2 parts of sodium diacetate, 100 to 110 parts of linear low density polyethylene, 1 to 2 parts of p-aminobenzene sulfonic acid, 7 to 10 parts of aluminium isopropoxide, 2 to 3 parts of cyanoethyl cellulose, 3 to 5 parts of isopropyl palmitate, 4 to 6 parts of cellulose phosphate, 0.7 to 2 parts of polybenzimidazole, 4 to 6 parts of oxidized polyethlene wax, 0.1 to 0.2 part of methyl stannum mercaptide, 3 to 4 parts of diacetone alcohol, 0.2 to 0.6 part of dialkyl hydroquinone, 1 to 2 parts of alkanolamide, 2 to 3 parts of antimonous oxide, 0.4 to 1 part of isothiazolinone, 1 to 2 parts of calcium propionate, and 10 to 13 parts of diatomite. According to a preparation method, a plurality of kinds of fiber are added, so that the strength and toughness of the fiber toughened polyethylene wrapping film are increased greatly, broken is not easily caused, the fiber toughened polyethylene wrapping film possesses both low temperature resistance and high temperature resistance, application effect is excellent, no pollution is caused, and cost is application is reduced.