A highly filled oxidatively degradable polymer packaging material and its preparation method, which are mixed and extruded from the following components, the components are calculated by weight: inorganic filler 70-90, polyolefin polymer 10-30, optical function Auxiliary 0.01-0.2, thermal functional additive 0.01-0.2, coupling agent 0.05-5, lubricant 0.01-5. Drying the powder of the inorganic filler, adding a coupling agent to a mixer to mix and activate it; then mixing it with a polymer and an oxidative degradation additive according to the ratio, melting and mixing it in an extruder and granulating it to obtain a packaging material. After use, the packaging material of the present invention can be absorbed into fragments or powder under the action of oxygen and sunlight in the natural environment, and further degrade into carbon dioxide, water and inorganic minerals, which solves the problem of "white pollution". The packaging material adopts non-toxic and harmless raw materials, has abundant sources, is low in cost, and can be widely used in fields such as food packaging and industrial product packaging.