The invention provides a flexible display panel and a preparation method thereof. The flexible display panel comprises a flexible substrate, an Array plate, an OLED element and a TFE layer. The preparation method is simple and comprises the steps of: etching a hard substrate and forming crisscrossed grooves; utilizing a coating or a spraying mode to coat heatproof glue on the hard substrate; then pasting the flexible substrate on the hard substrate coated by the heatproof glue, and obtaining the hard substrate pasted by the flexible substrate; successively arranging the Array plate, the OLED element and the TFE layer on the hard substrate pasted by the flexible substrate, and then carrying out lamination; and carrying out cutting along the edge of a display effective area, separating the hard substrate from the heatproof glue, the flexible substrate, the Array plate, the OLED element and the TFE layer, and obtaining the flexible display panel. The flexible display panel and the preparation method thereof effectively solve problems that the separation between an existing flexible panel and the hard substrate is difficult, and the preparation process of the flexible display panel is complex, high in cost and low in yield rate.