The invention discloses a double-color image projection plate which comprises a glass substrate. A first light filtering film is plated on one surface of the glass substrate. A first pattern is etched on the first light filtering film. The etching depth of the first pattern arrives at the surface of the glass substrate. One surface, which is far from the glass substrate, of the first light filtering film is provided with a second light filtering film which is plated. The second light filtering film covers the first pattern. A second pattern is etched at a position which is separated from the first pattern on the second light filtering film. The etching depth of the second pattern arrives at the surface of the glass substrate. The projection plate has advantages of high strong-light resistance, high-temperature resistance and long service life. A two-color bright and sharp image can be projected. The invention further provides a preparation method of the projection plate and a projection lens with the projection plate. The projection lens comprises a main cylinder. A first lens set, the image projection plate and a second lens set are successively mounted in the main cylinder. The back part of the main cylinder is fixedly connected with a back cover. The middle part of the back cover is provided with a light penetrating hole. The projection lens can project a high-quality image with two different colors and furthermore has relatively long service life.