The invention discloses preparation methods of a hot melt pressure-sensitive adhesive and a protective film as well as the hot melt pressure-sensitive adhesive. The preparation method of the hot melt pressure-sensitive adhesive comprises the following steps: adding thermoplastic elastomers, a tackifier, a plasticizer, an antiager, an antioxidant, a crosslinker, a filler and the like into a double-mixed column mixer, stirring, heating until the materials are melted down, and uniformly mixing to obtain the pressure-sensitive adhesive. The preparation method of the protective film comprises the following steps: directly pumping the melted and uniformly mixed pressure-sensitive adhesive into a coating roll of the a hot melt coating machine by a heat transfer pump, coating the pressure-sensitive adhesive onto one face of a polyolefin plastic film or thin plastic-coated paper, cooling, and rolling to obtain the protective film (paper). The hot melt pressure-sensitive adhesive disclosed by the invention can obtain good initial stickiness, cohesion and age stripping property by changing the different ratio of the thermoplastic elastomer as well as the variety and usage amount of the tackifier. The prepared polyethylene (PE) film substrate protective film has low interfacial tension, good initial stickiness, high cohesion and high temperature resistance, light resistance and weather resistance, and the comprehensive performance and product cost of the hot melt pressure-sensitive adhesive disclosed by the invention are better than those of the traditional solvent pressure-sensitive adhesive taking natural rubber as the main material.