The present application provides a double sided thermostatic fabric and preparation method thereof, including: preparing a fiber with reflective and thermal insulation function (i.e. a second fiber), and using laser etching fiber surface to make threaded fiber, so that it has excellent light reflection and heat reflection properties, the fiber with reflective and thermal insulation function being an outer layer of the fabric; preparing a modified hemp fiber with excellent unidirectional moisture conductivity and thermal conductivity, the modified hemp fiber being an inner layer of the fabric; the inner layer of fabric is combined with the outer layer of the fabric to form a double sided fabric. The present application modifies the surface structure of the fiber and modifies the fiber, so that the prepared fabric can achieve temperature reduction through radiation heat dissipation and unidirectional moisture conduction in hot weather, and achieve thermal insulation through thermal reflection in cold weather, which can be applied to the manufacturing of clothing for human body temperature control, and has the advantages of large-scale batch preparation, low cost and high production efficiency.