The invention belongs to the technical field of 
high polymer material products, and particularly relates to a PVC heat-shrinkable 
label film and a preparation method thereof. The preparation method comprises the following steps: mixing PVC resin, a heat stabilizer, a 
plasticizer, 
viscose pearl 
powder microbeads with a PMMA protective shell, a 
processing aid, an internal 
lubricant and an external 
lubricant, plasticizing by an extruder, forming by a 
film blowing machine head, carrying out first film foaming, carrying out water bath heating, carrying out secondary blowing, carrying out second film foaming, cooling and shaping, thereby obtaining the PVC heat-shrinkable 
label film. According to the PVC heat-shrinkable 
label film prepared by the method provided by the invention, a combination of the 
viscose molding substance and the pearl 
powder is used as an additive of a PVC material, so that the surface of the PVC film presents differentiated glossiness, has pearl-like glossiness and is like that a plurality of small pearls are embedded on the film, and the surface of the PVC film can also be adhered to the surface of the film by virtue of the special performance of the 
viscose molding substance. The hand feeling flexibility of the PVC shrink 
film material is improved.