A preparation method of pearlescent pigment is characterized by comprising the following steps: firstly, preparing a flaky base material, wherein soluble zirconium salt, phosphoric acid and hydrofluoric acid are used as raw materials, a conventional fine chemical process is adopted, the reaction temperature is 60-90 DEG C under normal pressure, the reaction time lasts for 2-4 hours, and the flakybase material is prepared; then simultaneously adding a titanyl sulfate solution and a sodium hydroxide solution with the concentration of 15-30% into a system, and coating the surface of the flaky base material; and filtering, washing, drying a filter cake at the temperature of 110-130 DEG C, and then calcining at the temperature of 800-850 DEG C for 1 hour to obtain the pearlescent pigment.