The invention relates to a two-way stretching polyolefin multiplayer shrink film which is formed by laminating at least three layers of shrink films. The two-way stretching polyolefin multiplayer shrink film is provided with an inner surface layer and an outer surface layer of a resin composite consisting of 70-80 wt percent of ethylene-norbornene copolymer with glass-transition temperature (Tg) of 138 DEG C and the content of norbornene of 76 wt percent and 20-30 wt percent of ethylene-propylene random copolymer with a melting point (Tm) of 140 DEG C, and a core layer, wherein the core layer consists of 54 wt percent of ethylene-propylene random copolymer with a Tm of 140 DEG C, 8 wt percent of ethylene-propylene random copolymer with a Tm of 66 DEG C, 20 wt percent of ethylene-norbornene copolymer with Tg of 78 DEG C and the content of norbornene of 65 wt percent and 18 wt percent of hydrogenated petroleum resin with a softening point (Ts) of 140 DEG C. The invention provides the polyolefin shrink film and the preparation method thereof. The polyolefin shrink film has the advantages of good temperature resistance and high transverse heat shrinkage rate, solves the problem that labels among bottles are easily adhered mutually or the labels are adhered with PE shrink films easily when packaged bottles are packaged with the PE shrink films when drinks is thermally filled, and is most suitable for being used as base materials of labels of special bottles.