The invention discloses light-scattering, light-absorbing and thermal-radiation regulating cloth and a preparation method. The regulating cloth comprises a light-absorbing layer and a light-scattering layer, wherein the light-absorbing layer comprises components as follows: waterborne alkyd resin, carborundum micropowder, pretreated carbon black, a coupling agent and a diluting agent; the light-scattering layer comprises components as follows: waterborne acrylic resin, titanium dioxide and a diluting agent; the light-scattering layer comprises a film-forming resin material and a high-refraction-index micropowder material; a supporting layer is synthetic fiber cloth; the light-absorbing layer comprises a film-forming resin material, a heat-conducting micropowder material as well as a light-absorbing and thermal-radiation micropowder material. The prepared light-scattering, light-absorbing and thermal-radiation regulating cloth has good light-scattering covering and light-absorbing covering functions as well as a light-scattering and thermal-insulating function, a thermal-radiation and cooling function and a light-absorbing and heating function. The cloth is mainly applied to planting of white asparagus and edible fungi having very high environmental requirements for the darkness, the temperature and the humidity and has good economic and social benefits.