This application provides a composite film for a cable wrapping layer and a preparation method for the same. The composite film for the cable wrapping layer includes a PE film layer, a PET film layer laminated at the PE film layer, an aluminum foil layer laminated at the PET film layer, and a bonding layer arranged between the PET film layer and the aluminum foil layer. The PE film layer is made of raw materials having the following parts by weight: 40-45 parts of LLDPE with a melt index of 0.9-1.1 g/10 min and a density of 0.920-0.922 g/cm3, 35-40 parts of m-LLDPE with a melt index of 1.9-2.1 g/10 min and a density of 0.917-0.920 g/cm3 and 15-25 parts of ethylene-vinyl acetate copolymer.